Trump Calls Bitcoin a Scam >> Former President Donald Trump, whose business history is marred by accusations of unpaid debts and dubious financial activities, is capable of identifying a fraud. Trump took aim at Bitcoin, the volatile digital currency, during a Monday interview on Fox Business. “Bitcoin appears to be nothing more than a rip-off,” Trump said. “I dislike it because it is a competing currency with the dollar.”
Then, of course, there’s the inescapable Onion piece: Your adversary just made an excellent argument. Even Bitcoin sceptics miss Trump’s remarks. The fact that Bitcoin is a stateless, non-sovereign money obviously benefits its proponents.
It frees people from the constraints imposed by fiat currency, which is ruled by authoritarian central banks that, in their opinion, create money out of thin air. There are many additional advantages for dedicated coiners, but the feeling of autonomy from the state is essential.
On the other hand, critics see it as a fast track to feudalism, a speculative market controlled by the largest bitcoin holders, bitcoin exchange operators, and other middlemen. Rather than fostering economic liberty via its stateless nature, Bitcoin facilitates entry to a wildcat market controlled by fraudsters, scammers, and strong institutional investors.
Trump Calls Bitcoin a Scam
There is a reason Trump said what he did: he was cognizant of his surroundings.
One does not have to be a passionate coiner or a fiat nut to participate in the politically charged Bitcoin debate. You need not agree with Trump’s jingoistic economic strategy to see that a government-supported currency has inherent stability and advantages that a volatile digital currency created by an unknown inventor and backed only by code and the trust of its users does not.
Bitcoin’s recent rapid swings have shown its unsuitability as a currency and its continuing similarity to a highly deceptive multilevel marketing scam.
Thousands of fervent Bitcoin enthusiasts gathered in Miami recently for a Bitcoin conference may take a different position. The conference, which included dozens of crypto and blockchain industry luminaries think, the Winklevii, Jack Dorsey, Tony Hawk, a Wyoming senator, and others was the typical mix of excessive excitement, extravagant spending, and prophecies of world-changing technology.
There were also some strange moments, like as former Congressman Ron Paul’s meandering address in which he admitted to being unfamiliar with Bitcoin before declaring that “the pandemic was manufactured.” He continued by asserting that Blackrock, the world’s largest money manager, is attempting to establish a Marxist paradise.
Bitcoin, which has been around for a decade, is a mix of money-soaked spectacle and irrational conviction. There seems to be no need to promote it to the average investor or customer.
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The massive environmental impact, extreme volatility, and resemblance to a get-rich-quick scheme promoted by wealthy investors who got in early and institutional traders who conduct complex arbitrage schemes across crypto exchanges in multiple foreign jurisdictions—the entire situation screams “get-rich-quick scheme.” “Swindle! Keep your distance! ” loud enough to be heard by even our illiterate ex-president.
Not just Bitcoin is causing havoc. According to the Federal Trade Commission, the number of cryptocurrency-related frauds increased in lockstep with the price of Bitcoin between October 2020 and March 2021.
According to the Wall Street Journal, customers reported losing almost $82 million to cryptocurrency scams between the fourth quarter of 2020 and the first quarter of 2021, more than 10 times the amount reported a year earlier during the same six-month period. Due to the expansion of the Bitcoin bubble, fraudsters now have more chances to defraud consumers.
Not to worry if you share Trump’s reservations about Bitcoin: The remainder of Trump’s economic strategy, especially his assumption that the dollar would remain the world’s leading currency, is not supported by a single particle of inadvertently discovered truth from a horrible guy.
That is a distinct topic, one that addresses broader issues such as economic nationalism, monetary policy, and international commerce. One of the coinerati’s most pernicious illusions has been that Bitcoin belongs at this level of debate because it would ultimately replace the dollar as the world’s reserve currency. That is not going to happen.
Despite how lucrative Bitcoin has grown over the past year—its current market worth exceeds $675 billion, despite wild price swings—a number of problems continue to impede its broad adoption. Politicians from Miami to El Salvador have pledged to transform their cities into “Bitcoin hubs,” integrating Bitcoin into mainstream banking and allowing residents to withdraw salaries and pay bills in the digital currency, but these gestures appear to be primarily PR stunts aimed at attracting tech investors, as Miami has done.
Finally, despite politicians’ exaggerated statements, we are still dealing with small scams, such as investors duped into buying coin offerings that never materialise or crypto hedge funds that are nothing more than Ponzi schemes. Donald Trump is aware of the deception at work, possibly because he himself comes from a similar degree of financial dishonesty. Why aren’t other individuals able to do so?
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