Former US President Donald Trump says he regards Bitcoin as a “scam.”
“Bitcoin, it looks like a scam. I don’t like it because it is another currency that competes 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 convert the cryptocurrency into legal tender.
Bitcoin has been in freefall since May, raising concern among investors in Nigeria and many other countries.
Also last month, China warned financial institutions not to offer cryptocurrency services. Federal authorities issued a joint statement.
The China National Internet Finance Association, the China Banking Association, and the China Payments and Clearing Association all cautioned that cryptocurrencies have no real value.
The regulators added that the price can be easily manipulated and advised banks to avoid digital currency transactions or face severe penalties.