Former US President Trump said on Monday that Bitcoin may be a scam. Trump declared: "Bitcoin seems to be a scam now," he added, "I don't like it because it is a currency that competes with the U.S. dollar. I want the U.S. dollar to become the world currency. This is what I have always been Emphasized." What do you think, what impact will Trump's speech have on the price of Bitcoin?
The language used here is important. Even Trump admits that he couldn't find any fault with Bitcoin. His problem is that Bitcoin, as a currency or a payment method is competing against the United States Dollar. The move by El Salvador to make Bitcoin as the legal tender came as a big shock for people like Trump. That essentially mean that BTC is equal to USD, at least in El Salvador. At this point, 7 countries including El Salvador use the USD as the national currency. 65 others peg their national currency against the USD. At this point, when the influence of US Dollar is growing, El Salvador took the big step of equating BTC with USD. It is a very significant move, and understandably people like Trump are pissed off.