Ex-US President Trump told Fox Business that he considers Bitcoin a scam as it affects the US Dollar.
Trump said that Bitcoin is affecting the value of the US dollar negatively.
He adds that the cryptocurrency is competing against the Dollar and might hinder the Dollar’s dominance worldwide. However, he also said that he wants the Dollar to be the currency of the world.
However, Bitcoin prices have been falling since early May, and the money cannot recover its value. The leading cause of the fall of Bitcoin is that china banned the firms providing services related to cryptocurrencies.
Furthermore, Elon Musk’s company announced that it would no longer accept Bitcoin as a currency. Since then, the money has not been able to bounce back and break its all-time high. But the real question is that “Is Bitcoin a threat to the US currency?”. Some experts spoke about this matter, and here’s what they think.
Justin Urquhart-Stewart said that Bitcoin might threaten US Dollars as it has gained quite a widespread appeal. However, Bitcoin has achieved a high value in the past few years without any good financial power, he added.
Justin, the co-founder of Seven Investment management, and believes that Bitcoin can shatter many currencies.
Justin’s statement on Bitcoin
He reasons the growth of bitcoin’s value by the act of Elon Musk’s stupid behaviour. Justin thinks that Elon Musk tweets and talks make the general investors believe that the currency is credible. He says youngsters who are into crypto might be at financial risk because of not knowing finance.
The current era has a generation of kids who are not taught about finance and growth. And they know how to buy and sell but don’t know how to have a long term aim, he adds.
The small investments made by millions of youngsters can affect the market at a significant level. Whereas Neil Wilson, the head market analyst of markets dot com, doesn’t consider Bitcoin a currency.
Bitcoin needs to become a mode of payment, should provide a good store value and needs a unit of account.
