Bitcoin is a ‘Scam Against the Dollar,' according to Donald Trump.
During an interview with Fox News, Donald Trump referred to Bitcoin as a “scam.”
The remark follows news that El Salvador’s president has declared cryptocurrency legal.
The new chairman of the Securities and Exchange Commission (SEC) in the United States is focused on toughening crypto laws.
During an interview with Fox News today, Donald Trump referred to Bitcoin as a “scam.” His remark follows news that El Salvador’s president has legalized Bitcoin and other cryptocurrencies. Furthermore, the former US President reaffirmed his anti-Bitcoin position, saying,
Bitcoin is a rip-off. It does not appeal to me. Another currency appears to be competing with the dollar.
It’s worth recalling that Trump had a similar approach, labeling Bitcoin and other crypto assets “scams” that facilitate illegal activity. During his reign, the crypto community went through a period of decline.
Moreover, SEC Chairman Jay Clayton, who was appointed by Trump, was recently embroiled in a controversy after taking a non-committal stance on cryptocurrency legislation. Clayton rejected all Bitcoin ETFs that were registered after 2017. As a result, many people rejoiced upon his departure.
As a result, the incoming SEC chairman, Gary Gensler, was expected to be lenient on crypto laws at first. Gensler, on the other hand, has been concentrating on investor rights and stricter crypto laws up until now.
Meanwhile, Trump’s newest remark has sparked a meme frenzy on Twitter. It was dubbed a perfect Bitcoin endorsement and a buy signal by many people. Many others believe it is an opportunity for those on the fence to linger in the cries.
Until now, Trump has been restricted from several social media networks, with Facebook’s ban being extended for another two years and Twitter’s ban being indefinite.
BTC, on the other hand, has been struggling to recover since May. With a 24-hour trading volume of $43,129,732,654 USD, it is presently trading at $32,989.38 USD.
The market drop was generally blamed on China’s ban on crypto activity, as well as Tesla’s announcement that it will no longer accept Bitcoin for vehicle sales.
Updates on BTC prices: $20K compared. $100K. Is it better for me to stay or should I leave?
Experts are rushing to forecast Bitcoin values throughout the course of the year due to the volatility of cryptocurrencies.
Experts on both sides of the coin have examined the prospect of the crypto behemoth skyrocketing to $100,000 or crashing to as low as $20,000, according to experts on both sides of the currency.
Even in a messy May, according to Bloomberg’s Senior Commodity Strategist Mike McGlone, Bitcoin is expected to exceed $100,000.
The price of Bitcoin will be affected in both ways by rising Altcoins and government choices.
Bitcoin, the most popular cryptocurrency in terms of both popularity and market share, has investors speculating on its price. Bitcoin has grown steadily since its inception in 2009, with a few downturns here and there.
Bullish investors are hoping to see the price rise to $100,000 by the end of the year, setting a new high. Bitcoin earlier reached a high of $64,829, with a market value of over $1 billion, bringing the total industry’s market capitalisation to over $2.5 trillion. Bullish investors are depending on these features, among others, as they try to reach $100,000 by the end of the year.
BTC worth $100,000! Is it still feasible in the year 2021?
The speculation about Bitcoin’s future price is enticing, and analysts are striving for their assessments to acquire momentum. Despite a bad May, Bloomberg’s Senior Commodity Strategist Mike McGlone believes Bitcoin will continue to move upwards.
McGlone feels that if you’re at a fork in the Bitcoin pricing dispute, you should remain with the crypto behemoth. According to him, the bull market is still intact, and Bitcoin will not go below $20,000. Instead, it will soar to $100,000 highs.
Mike McGlone’s assertions are backed up by Bloomberg’s Galaxy Crypto Index, which classified Bitcoin as “greener and stronger” in June than earlier in the year. Because most of Bitcoin’s issues have been resolved, it is poised for a sustained surge that might push it above $100,000.
“In 2020, 260-day volatility plummeted to its lowest ever vs. most major asset classes, especially the S&P 500,” he continued.
With last year’s supply decrease, institutional portfolio movement, Ethereum futures, and the introduction of ETFs in Canada and Europe, we believe Bitcoin has a better chance of reaching $100,000 than remaining below $20,000.”
On the other hand,
As shown recently on Memorial Monday, crypto is a very volatile market that even experts find difficult to anticipate.
Elon Musk’s decision to temporarily stop Bitcoin as a payment mechanism for Tesla (NASDAQ:TSLA) due to climate change is serving as a stumbling block for Bitcoin’s price surge.
Following his comments, Musk formed the Green Bitcoin Mining Council with Michael Saylor and BTC miners.
It’s still possible to make $20k, and you should probably go for it.
Veteran Bitcoin trader Peter Brandt recently informed his Twitter followers that the worst is yet to come in terms of Bitcoin’s price correction, implying that it might possibly go below $21,000. As individuals explore for ways to gain money, Altcoins are becoming more popular.
With updates from Ethereum and Cardano (ETH 2.0 and Alonzo testnet, respectively) on the road, there’s a chance that Altcoins may attract more attention and money.
The dramatic decline in Bitcoin’s price in May, to as low as $33,000 at one point, has raised doubts about a $100,000 price rebound. However, after witnessing Bitcoin’s tremendous increase in early 2021, $100k remains a viable option.
Bitcoin is leading the cryptocurrency sell-off after Trump referred to it as a "scam."
Cryptocurrencies continued to be volatile on Tuesday morning, with prices plummeting after former US President Donald Trump called bitcoin a “scam.”
He told Fox Business, “Bitcoin simply feels like a swindle.” “I don’t like it since it’s a competitive currency with the dollar… I want the dollar to be the world’s currency. That’s something I’ve always maintained.”
He claimed he was “not a fan” of cryptocurrencies while he was president in 2019.
He had previously stated that cryptos “promote illicit behavior, including drug trading and other illicit conduct” in a tweet.
According to Michael Stark, research analyst at trading platform Exness, Trump’s words “certainly appear to have damaged sentiment in the short term, but looking even somewhat further ahead, they’re likely to be forgotten.”
“The former president’s argument that bitcoin is ‘another currency competing against the dollar’ in particular indicates a lack of knowledge,” he added, noting that bitcoin is rarely used as a currency but rather as a hedge against inflation and a store of value.
“Whale activity around significant supports appears to be the major element impacting crypto prices.”
“Ironically, his comment provides legitimacy to crypto’s existence, by singling it out as a challenge to the supremacy of the US dollar,” said Simon Peters, an analyst at multi-asset investing platform eToro.
Bitcoin (BTC-USD) was down approximately 9% by Tuesday afternoon, trading around $33,080 ($23,381). According to Susannah Streeter, senior investing and markets analyst at Hargreaves Lansdown, it’s “nidging towards half the peak price of almost $63,000 achieved in mid-April.”
Ethereum (ETH-USD), the world’s second-largest cryptocurrency by market capitalization, plummeted almost 10% to $2,522. The meme-inspired dogecoin (DOGE-USD) fell 11% to $0.33, despite its further popular acceptance: bank Revolut stated its customers may trade the funny token on its app.
Cryptos were not simply dragged down by Trump’s remarks. “Bitcoin’s price has plummeted to its lowest point in over a week as traders eye expectations of altering US monetary policy and continuing tightening of cryptocurrency regulation in China,” according to Coindesk.
The news that Chinese social media site Weibo had suspended “key opinion leaders” (KOL), reigniting concerns of a broader crackdown in the nation, sent cryptocurrency prices soaring over the weekend.
According to the Guardian, which cited analysts and a financial regulator, greater action from the government is likely, which will link crypto more directly with criminal law.
Bitcoin is losing ground “despite the fact that El Salvador has become the world’s first government to recognize bitcoin as legal cash,” according to Naeem Aslam, chief market analyst at Ava Trade.
“Bitcoin price is falling out of love once more, and it appears like bulls are losing ground,” he said, adding that “traders should keep their eyes on the 30 minute time frame… since we are likely to see positive indications appearing first on this time frame.”
“The relative strength index is highly oversold,” he added, “which suggests the bitcoin price is likely to see a price rebound back very soon.”
“While it’s clear that cryptocurrencies will find a place at the table in the financial system in some form,” Streeter said, “it’s very unclear which of the thousands of cryptocurrencies will retain their value in the future and what role they will play,” given the interest from large companies and governments.
“Because crypto-asset speculation is still such a high-risk technique, traders should only invest money they can afford to lose.”
