Former US President Donald Trump said to Fox Business Network on Monday that Bitcoin “seems like a scam.”
“Bitcoin, it just seems like a scam. I don’t like it because it’s another currency competing against the dollar,” said Trump. He added that he wants the US dollar to be the currency of the world.
The price of Bitcoin fell in the aftermath of the Fox Business interview with Trump, having decreased by 9.64% in the past 24 hours.
However, St. Louis Federal Reserve President James Bullard thought otherwise. In February 2021, he stated his disbelief about Bitcoin posing a serious threat to the US dollar.
“I just think for Fed policy, it’s going to be a dollar economy as far as the eye can see — a dollar global economy really as far as the eye can see — and whether the gold price goes up or down, or the bitcoin price goes up or down, doesn’t really affect that,” said Bullard.
Bullard highlighted the time before the Civil War when it was common for banks such as Bank of America and JPMorgan to issue their own brand of dollars. He added that the notes were being traded around and at different discounts, which people were already discontented about.