Former U.S. President Donald Trump condemned Bitcoin and other cryptocurrencies, saying, “I want the [U.S] dollar to be the currency of the world–that’s what I’ve always said.”
Not only that, but, in the same interview which he had with Fox’s “Varney & Co.”, Trump said that Bitcoin “just seems like a scam”.
These remarks are not surprising. Trump is a member of the legacy system of finance. He grew up in a different generation. It is common for members of the older generations to not be open to the revolutionary idea of a new form of money which lacks a central governing authority. Of course, there are notable exceptions, like Trump’s personal friend Robert Kiyosaki, who said, “Money without borders and without government control will change the entire world. Blockchain may take us out of the Information-Age and bring about the Decentralized-Age.”
In addition to his old age, Trump also is an economic nationalist in other areas, like when he would impose tariffs in order to incentivize Americans to purchase more expensive products that are made in America.
It is clear that Trump values American dominance more than he values individual liberty, especially on the economic front.
It remains to be seen exactly how much the Biden Administration will be attempting to suppress Bitcoin, but one member of his team—Treasury Secretary Janet Yellen—has openly declared intent to persecute the use of cryptocurrencies. Yellen said back in January, “Cryptocurrencies are of particular concern. I think many are used, at least in a transaction sense, mainly for illicit financing. And I think we really need to examine ways in which we can curtail their use, and make sure that anti-money laundering [sic] doesn’t occur through those channels.”