Donald Trump Considers Bitcoin as 'scam', and a 'threat' to dollar

On June 8, the largest digital currency's value declined by 10.05 percent at $32,095.61 in past 24-hour trading. With this, its market value stood at $600.57 at 10.40 pm (IST), according to coindesk.com.

The former US President, Donald Trump, on 7 June, which is known as Bitcoin, the cryptocurrency is a "scam". He also said that he does not like bitcoin, because it is in a different currency other than the currency in which to compete with the US.

In an interview with Fox Business Network on Monday, Trump said: "Bitcoin is not just an actor. I don't like it here, because it is in a different currency other than the currency in which to compete with the dollar ... and I would like to have the dollar to become the world's currency. I've always said that."

Comments on: AMERICA's former president, came a day after the President of Salvador, Nayib Bukele's decision to officially accept the digital currency as a form of payment. This was El Salvador, the first country in the world to accept the digital currency. This decision has caused concern among economists, and experts from the International organization for standardization (iso).

However, the Markets.com the chief market analyst Neil Wilson believes that Bitcoin is not necessarily the value of a currency. According to him, in order to be classified as a currency, bitcoin needs to be a unit of account for which you want to provide a great layer, and a method of payment.

"I'm calling the Bitcoin, the most likely cause is a security such as a stock or a bond. Even though it is very much appreciated, and it's highly volatile to be a currency, there seem to be more than that, most of the stands, " Wilson told the BBC.

Wilson does not see Bitcoin as a threat. "The funding will have an impact on the world, mostly us dollars, and it is going to give up on it, so I don't see Bitcoin as being in any danger," Wilson said.
On the 8th of June, the value of the largest digital currency fell 10.05%, to end at $32,095. 61 during the 24-hours of trading. With this, the market value is about $600.57 at 10.40 pm (IST), on the basis of the coindesk.com in 24 hours, the trading volume of bitcoin was set at $35,899. 85.