Former US President Donald Trump has told Fox Business that, according to him, Bitcoin is a scam. It has the potential to affect the US dollar.
According to Mr. Trump, bitcoin seems like a scam. The currency is competing against the dollar.
He also added that he wanted the dollar to become the currency of the world. The price of bitcoin is maintaining a steady fall from early May. It has not yet recovered. The falls attributes to China. This banned the banks and payment firms for crypto. At the same time, Tesla announced that it would no longer accept crypto a week before the step of China.
Justin Urquhart- Stewart, the co-founder of Seven Investment Management, thinks Bitcoin has a potential threat. It has also taken off in a certain way, which has made it create a very popular appeal without any proper financial strength.
He is blaming the rise of Bitcoin on figures like Elon Musk, who has behaved stupidly. It has made people perceive that the crypto is credible enough.
He has said that bitcoin is dangerous as it tries to create a level of credibility for unreliable and wholly unfounded value. He continues, “Quite often, unsophisticated punters are drawn in at the wrong time to something they think they can make a quick buck on – to them, it doesn’t matter what it is, whether it’s Bitcoin or GameStop or AMC, it’s something you can bet on.”
Also, he says that a rising trend of tech-savvy young people is taking huge risks. He strongly believes that the national curriculum must include education on how to develop family finance for generations.
According to him, all we have right now is a generation of punters who do not know about financial planning. Also, they only understand how to buy and sell things and not how to create long-term wealth.
According to Justin Urquhart- Stewart, to qualify as a currency, it must have a unit of account. At the same time, it should provide good store value and must be a means of payment.
According to Mr. Wilson, bitcoin is more about security, which is like a stock or bond. On the assertion of Donald Trump, he disagrees, though he agrees it to be a threat to gold. He continues:
“Governments don’t like other people creating money – they’ve seemed to tolerate crypto-currencies for some time, but they will eventually get their digital currencies established and will squeeze Bitcoin out into the margins.”