The former US President, Donald Trump told Fox Business that he believes Bitcoin as a “hoax” and “scam” that affects on the value of the U.S. dollar.
“Bitcoin, it just seems like a scam,” Mr Trump said. “I don’t like it because it’s another currency competing against the dollar.”
Currency Of The World
And he said, adding that he would like the Us Dollar, to be a “global currency”.
His comments came in the midst of the news of El Salvador, that the country plans to introduce cryptocurrencies as legal tender.
The price of bitcoin has been steadily decreasing since the beginning of May and has yet to recover.
Crypto Market Currently
China prohibits banks and payment companies to present their clients with service related to the cryptocurrencies, and the electric car manufacturer Tesla has announced that it would no longer accept the currency for a week or so ago had affected the crypto market negatively.
Justin Urquhart-Stewart, co-founder of Seven Investment Management, and the regional investment platforms, believes that Bitcoin is in fact a potential hazard, it interferes with the stability of the currency, and it has taken off in such a way that it has made it a popular appeal to anyone with a reliable financial base.”
He accused rise of Bitcoin to the figures like Elon Musk, who “behave” foolish which makes the general public perceive that the crypto-currency is credible.
“Bitcoin is dangerous because it’s trying to create a level of credibility to unreliable and wholly unfounded value”.
Expert Opinions
Mr Urquhart-Stewart is deeply convinced that the national education and training program should include the learning and development of the financial aspect of the family for generations.
“What we have now, a younger generation of players, who are unaware of financial planning and development,” said Mr. Urquhart-Stewart.
“They have understood how to buy and sell things, but they don’t have a clue as to how to build long-term networth.”
