Bitcoin
Donald Trump calls Bitcoin a “scam on the dollar”
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Former US President Donald Trump told Fox Business that he views Bitcoin as a “fraud” that is hurting the value of the US dollar.
“Bitcoin, it just looks like a scam,” Mr. Trump said. “I don’t like it because it’s another currency competing with the dollar.”
He added that he wanted the dollar to be “the currency of the world.”
The price of Bitcoin has been falling steadily since early May and has yet to recover.
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‘Bitcoin is a threat to all major currencies’
Justin Urquhart-Stewart, co-founder of Seven Investment Management and investment platform Regionally, believes Bitcoin poses a potential threat to destabilize currencies “because it has taken off in such a way that it has created mainstream appeal without any solid financial foundation.”
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People have fun at Bitcoin Convention 2021, a cryptocurrency conference in Miami this week
He attributes Bitcoin’s rise to figures like Elon Musk who “behave stupidly” which makes the general public perceive the cryptocurrency as trustworthy.
“Bitcoin is dangerous because it tries to create a level of credibility for a value that is unreliable and completely unfounded,” he tells the BBC.
“Oftentimes, inexperienced gamblers get drawn at the wrong time into something they think can make them a quick buck. To them, no matter what it is, whether it’s Bitcoin, GameStop or AMC, it’s something you can bet on.”
He says there is a growing trend of young people who have some knowledge of technology, “like amateur technologists”, who are taking big risks because they have not been properly educated about finance.
Mr Urquhart-Stewart strongly believes that the national curriculum should include education on how to develop family finances across generations.
“What we have now is a young generation of gamblers who have no knowledge of financial planning and development,” emphasises Mr Urquhart-Stewart.
“They understand how to buy and sell things, but they have no idea how to create long-term wealth.”
No threat to the dollar
In contrast, Neil Wilson, chief market analyst at Markets.com, believes that Bitcoin is definitely not a currency.
AFP
Mr. Wilson says Bitcoin could pose a slight threat to gold as people shift their investment allocations from precious metals to cryptocurrencies.
He says that to qualify as a currency, it must have the following functions:
- A unit of account
- Provide a good stock of value
- Be a means of payment
“I call Bitcoin more of a security, like a stock or a bond,” says Mr. Wilson.
“Although it has a huge valuation, it is too volatile to be a currency. It fluctuates more than most stocks.”
He says that with Bitcoin, people are buying it primarily to hold and invest, rather than spend it frequently.
And as for Mr. Trump’s claim that cryptocurrency is threatening the U.S. dollar, he disagrees, although it may pose little threat to gold.
“The way the United States exerts influence over the world is predominantly through the dollar, and they’re not going to give that up, so I don’t see Bitcoin as a threat at all,” he says.
“Governments don’t like other people creating money. They seem to have tolerated cryptocurrencies for a while now, but eventually they will establish their own digital currencies and push Bitcoin to the sidelines.”
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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