Donald Trump thinks Bitcoin is modern-day fool’s gold — calling it bad for the dollar, which is seriously making him sound like a boomer stuck in the 20th century.
The ex-Prez went on “FOX Business” early Monday morning to talk stocks, the market, the economy … and for relevance sake, crypto too — which always comes back to Bitcoin, the proverbial king of them all.
It’s not regal to Trump, though … just a royal pain in the ass.
He told host Stuart Varney he considers Bitcoin a good old-fashioned scam … noting that when he was eyeballing it himself, it was as low as $6,000 a pop. It’s a helluva lot higher than that now, sitting around $36k for one Bitcoin — and recently got as high as $61k.
Don’s not the only one doubting Bitcoin — and, more importantly, its reliability — but his rationale is quite strange. Watch … he chalks his hesitancy up to America First, or the dollar first, rather.
DT says Bitcoin is just another currency competing against the dollar, and that he wants traditional greenbacks to be king in the world of commerce. So, in other words, he’s looking at Bitcoin like a foreign enemy — quite on brand.
The rich thing here is that Bitcoin’s charge against the dollar is classic capitalism … something Trump himself advocates for, not just as a businessman, but as a Republican.
As for whether Trump’s words had any bearing on Bitcoin’s price — it’s hard to tell. The value did drop drastically Monday morning (right around when Trump said this) but it’s been slumping lately, so it’s difficult to measure if it was bounced by the Trump effect.