Former US President, Donald Trump Declares Bitcoin ‘A Scam’, Gives Reason

Former United States President Donald Trump says he considers Bitcoin as a “scam”.

“Bitcoin, it just seems like a scam. I don’t like it because it’s another currency competing against the dollar”, he told Fox Business.

The 45th American leader noted that he wanted the dollar to be “the currency of the world”.

Trump’s reaction followed reports that El Salvador plans to make the crypto-currency a legal tender.

Bitcoin has been on a free fall since May, raising concerns among investors in Nigeria and many other countries.

Also last month, China warned financial institutions against offering cryptocurrency services. Federal authorities issued a joint statement.

The National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China warned that crypto has no real value.

The regulators added that the price can be easily manipulated and advised banks to avoid digital currency transactions of face serious sanctions.