Donald Trump called bitcoin a “scam” that would impact the value of the US dollar
Bitcoin is down by over 12% over the past 24 hours as it threatens to go below $30,000 for the first time this year.
Having come close to reaching $40,000 at the end of last week, bitcoin is now trading below $32,000.
The crash follows the president of El Salvador confirming on Sunday that he will make bitcoin legal tender in the Central American country.
The cryptocurrency has been on the ropes during the last month as many investors became worried by increased regulatory scrutiny, in addition to concerns over the environmental impact of the mining process.
Other major cryptos took a dive as well, with Ethereum and Dogecoin down by over 16% and 17% respectively.
Former US President Donald Trump also weighed in, calling bitcoin a “scam” that would negatively impact the value of the US dollar.
“Bitcoin, it just seems like a scam,” Trump said. “I don’t like it because it’s another currency competing against the dollar.”
Trump also opined that the dollar should be the “currency of the world”.
While the crypto market is in a frenzy, MicroStrategy (NASDAQ:MSTR), the business intelligence company headed up by Michael Taylor, appears to be buying more bitcoin.
The company confirmed on Monday that it would be raising $400m by issuing loan notes in order to buy more of the cryptocurrency.
The company currently holds 92,079 bitcoin in its treasury.