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"I don't like it because it's another currency competing against the dollar." He added that he wanted the dollar to be "the currency of the world". His comments come on the back of news [El Salvador plans to make the crypto-currency legal tender](https://www.bbc.co.uk/news/world-latin-america-57373058). The price of Bitcoin has been falling steadily since early May and so far has not recovered. The falls were widely attributed to [China banning banned banks and payment firms](https://www.bbc.co.uk/news/business-57169726) from providing services related to crypto-currency transactions, as well as electric car maker [Tesla announcing it would no longer accept the currency a week before that](https://www.bbc.co.uk/news/business-57096305). Is Bitcoin actually a threat to currency? Here's what experts we spoke to think. ## 'Bitcoin is a threat to all major currencies' Justin Urquhart-Stewart, co-founder of Seven Investment Management and the Regionally investment platform, thinks Bitcoin does have a potential threat of destabilising currencies "because it has taken off in such a way that it's created a popular appeal without any sound financial strength". Getty Images People enjoy themselves at the Bitcoin 2021 Convention, a crypto-currency conference in Miami this week He blames the rise of Bitcoin on figures like Elon Musk "behaving stupidly", which makes the general public perceive that the crypto-currency is credible. "Bitcoin is dangerous because it's trying to create a level of credibility to unreliable and wholly unfounded value," he tells the BBC. "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." - [Tesla will no longer accept Bitcoin, says Elon Musk](https://www.bbc.co.uk/news/business-57096305) - ['I lost millions through cryptocurrency addiction'](https://www.bbc.co.uk/news/uk-scotland-57268024) - [Bitcoin dives as China cracks down on crypto](https://www.bbc.co.uk/news/business-57169726) He says that a rising trend of young people who are somewhat tech savvy, "like hobby technologists", are taking huge risks because they haven't been educated about finance properly. Mr Urquhart-Stewart strongly believes the national curriculum should include education on how to develop family finances over generations. "What we have now is a young generation of punters who have no knowledge of financial planning and development," stresses Mr Urquhart-Stewart. "They understand how to buy and sell things, but they have no concept of how to create longer-term wealth." ## No threat to the dollar In contrast, Neil Wilson, chief market analyst for Markets.com, thinks Bitcoin is definitely not a currency. AFP Mr Wilson says that Bitcoin could pose a slight threat to gold, as people are moving their investment allocations away from precious metals, into crypto-currency He says that to qualify as a currency, it must have the following functions: - A unit of account - Provide a good store of value - Be a means of payment "I call Bitcoin more of a security, like a stock or bond," says Mr Wilson. "Although it's appreciated massively, it's far too volatile to be a currency - it moves around more than most stocks do." He says that with Bitcoin, people are mostly buying it to hold onto and invest, rather than spending it frequently. And as to Mr Trump's assertion that the crypto-currency is threatening the US dollar, he disagrees, although it could be a slight threat to gold. "The means by which America exerts influence over the world is predominantly by the dollar, and it's not going to give that up, so I don't see Bitcoin as a threat whatsoever," he says. "Governments don't like other people creating money - they've seemed to tolerate crypto-currencies for some time, but they will eventually get their own digital currencies established and will squeeze Bitcoin out into the margins." [El Salvador plans to make Bitcoin legal tender](https://www.bbc.com/news/world-latin-america-57373058) [Bitcoin dives as China cracks down on crypto](https://www.bbc.com/news/business-57169726) [Tesla will no longer accept Bitcoin, says Elon Musk](https://www.bbc.com/news/business-57096305) ['I lost millions through cryptocurrency trading addiction'](https://www.bbc.com/news/uk-scotland-57268024) [NASDAQ](https://www.bbc.com/news/topics/c08k88ey6d5t) [S\&P 500](https://www.bbc.com/news/topics/c4dldd02yp3t) [Bitcoin](https://www.bbc.com/news/topics/c734j90em14t) [US Dollar (USD)](https://www.bbc.com/news/topics/cljevy2yz5lt) [Dow Jones Industrial Average](https://www.bbc.com/news/topics/clyeyy8851qt) [Donald Trump](https://www.bbc.com/news/topics/cp7r8vgl2lgt) [Cryptocurrency](https://www.bbc.com/news/topics/cyd7z4rvdm3t) *** Related [Trump rings bell on record stock market - but will it last?](https://www.bbc.com/news/articles/clyn8yjw11go) [Global stocks climb as US recession fears ease](https://www.bbc.com/news/articles/c8dpm9n2g6go) [Trump's Truth Social shares hit by sale plan](https://www.bbc.com/news/business-68819567) *** More from the BBC [32 mins ago  Robert Mueller, ex-FBI chief who led Trump-Russia investigation, dies at 81 A former FBI director, Mueller led the high-profile inquiry into alleged Russian interference in the 2016 US election 32 mins ago](https://www.bbc.com/news/articles/c8dlj6gv0q6o) [1 hr ago  Trump threatens to send ICE into airports unless funding deal reached The president said ICE would "do security" as airport security staff have gone without pay for weeks due to a partial government shutdown. 1 hr ago](https://www.bbc.com/news/articles/c3ex9nq2qywo) [7 hrs ago  Why did US and Israel attack Iran and how long could the war last? Conflict has spread across the Middle East since the US and Israel launched strikes on Iran on 28 February. 7 hrs ago](https://www.bbc.com/news/articles/cx2dyz6p3weo) [20 hrs ago  Trump says he is considering 'winding down' Iran war But more troops and warships are being sent to the region and the White House is seeking billions more in funding for the war. 20 hrs ago](https://www.bbc.com/news/articles/cpd5l00z7n6o) [1 day ago  Trump makes Pearl Harbor remark in meeting with Japan's PM President Trump compared US strikes on Iran to the deadly 1941 Japanese attack and declaration of war as part of World War Two. 1 day ago](https://www.bbc.com/news/articles/c8dlpr074q3o) *** - [Home](https://www.bbc.com/) - [News](https://www.bbc.com/news) - [Sport](https://www.bbc.com/sport) - [Business](https://www.bbc.com/business) - [Technology](https://www.bbc.com/technology) - [Health](https://www.bbc.com/health) - [Culture](https://www.bbc.com/culture) - [Arts](https://www.bbc.com/arts) - [Travel](https://www.bbc.com/travel) - [Earth](https://www.bbc.com/future-planet) - [Audio](https://www.bbc.com/audio) - [Video](https://www.bbc.com/video) - [Live](https://www.bbc.com/live) - [Weather](https://www.bbc.com/weather) - [BBC Shop](https://shop.bbc.com/) - [BritBox](https://www.britbox.com/?utm_source=bbc.com&utm_medium=referral&utm_campaign=footer) BBC in other languages ### The BBC is in multiple languages #### Read the BBC In your own language [Oduu Afaan Oromootiin](https://www.bbc.com/afaanoromoo) [Amharic ዜና በአማርኛ](https://www.bbc.com/amharic) [Arabic عربي](https://www.bbc.com/arabic) [Azeri AZƏRBAYCAN](https://www.bbc.com/azeri) [Bangla বাংলা](https://www.bbc.com/bengali) [Burmese မြန်မာ](https://www.bbc.com/burmese) [Chinese 中文网](https://www.bbc.com/zhongwen/simp) [Dari دری](https://www.bbc.com/dari) [French AFRIQUE](https://www.bbc.com/afrique) [Hausa HAUSA](https://www.bbc.com/hausa) [Hindi हिन्दी](https://www.bbc.com/hindi) [Gaelic NAIDHEACHDAN](https://www.bbc.com/naidheachdan) [Gujarati ગુજરાતીમાં સમાચાર](https://www.bbc.com/gujarati) [Igbo AKỤKỌ N’IGBO](https://www.bbc.com/igbo) [Indonesian INDONESIA](https://www.bbc.com/indonesia) [Japanese 日本語](https://www.bbc.com/japanese) [Kinyarwanda GAHUZA](https://www.bbc.com/gahuza) [Kirundi KIRUNDI](https://www.bbc.com/gahuza) [Korean 한국어](https://www.bbc.com/korean) [Kyrgyz Кыргыз](https://www.bbc.com/kyrgyz) [Marathi मराठी](https://www.bbc.com/marathi) [Nepali नेपाली](https://www.bbc.com/nepali) [Noticias para hispanoparlantes](https://www.bbc.com/mundo) [Pashto پښتو](https://www.bbc.com/pashto) [Persian فارسی](https://www.bbc.com/persian) [Pidgin](https://www.bbc.com/pidgin) [Polish PO POLSKU](https://www.bbc.com/polska) [Portuguese BRASIL](https://www.bbc.com/portuguese) [Punjabi ਪੰਜਾਬੀ ਖ਼ਬਰਾਂ](https://www.bbc.com/punjabi) [Russian НА РУССКОМ](https://www.bbc.com/russian) [Serbian NA SRPSKOM](https://www.bbc.com/serbian/lat) [Sinhala සිංහල](https://www.bbc.com/sinhala) [Somali SOMALI](https://www.bbc.com/somali) [Swahili HABARI KWA KISWAHILI](https://www.bbc.com/swahili) [Tamil தமிழில் செய்திகள்](https://www.bbc.com/tamil) [Telugu తెలుగు వార్తలు](https://www.bbc.com/telugu) [Thai ข่าวภาษาไทย](https://www.bbc.com/thai) [Tigrinya ዜና ብትግርኛ](https://www.bbc.com/tigrinya) [Turkish TÜRKÇE](https://www.bbc.com/turkce) [Ukrainian УКРАЇНСЬКA](https://www.bbc.com/ukrainian) [Urdu اردو](https://www.bbc.com/urdu) [Uzbek O'ZBEK](https://www.bbc.com/uzbek) [Vietnamese TIẾNG VIỆT](https://www.bbc.com/vietnamese) [Welsh NEWYDDION](https://www.bbc.com/cymrufyw) [Yoruba ÌRÒYÌN NÍ YORÙBÁ](https://www.bbc.com/yoruba) Follow BBC on: - [Terms of Use](https://www.bbc.com/pages/terms-of-use) - [Subscription Terms](https://www.bbc.com/pages/subscription-terms) - [About the BBC](https://www.bbc.co.uk/aboutthebbc) - [Privacy Policy](https://www.bbc.com/pages/privacy-policy) - [Cookies](https://www.bbc.com/usingthebbc/cookies/) - [Accessibility Help](https://www.bbc.co.uk/accessibility/) - [Contact the BBC](https://www.bbc.co.uk/contact) - [Advertise with us](https://advertising.bbcstudios.com/) - [Do not share or sell my info](https://www.bbc.com/usingthebbc/cookies/how-can-i-change-my-bbc-cookie-settings/) - [BBC.com Help & FAQs](https://help.bbc.com/hc/) - [Content Index](https://www.bbc.com/pages/content-index) - [Set Preferred Source](https://www.bbc.com/future/article/20260128-how-to-make-google-put-trusted-sources-up-top-when-you-search) Copyright 2026 BBC. 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8 June 2021 Mary-Ann RussonBusiness reporter, BBC News Getty Images **Former US President Donald Trump has told Fox Business that he sees Bitcoin as a "scam" affecting the value of the US dollar.** "Bitcoin, it just seems like a scam," Mr Trump said. "I don't like it because it's another currency competing against 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 so far has not recovered. Is Bitcoin actually a threat to currency? Here's what experts we spoke to think. 'Bitcoin is a threat to all major currencies' Justin Urquhart-Stewart, co-founder of Seven Investment Management and the Regionally investment platform, thinks Bitcoin does have a potential threat of destabilising currencies "because it has taken off in such a way that it's created a popular appeal without any sound financial strength". Getty Images People enjoy themselves at the Bitcoin 2021 Convention, a crypto-currency conference in Miami this week He blames the rise of Bitcoin on figures like Elon Musk "behaving stupidly", which makes the general public perceive that the crypto-currency is credible. "Bitcoin is dangerous because it's trying to create a level of credibility to unreliable and wholly unfounded value," he tells the BBC. "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." - [Tesla will no longer accept Bitcoin, says Elon Musk](https://www.bbc.co.uk/news/business-57096305) - ['I lost millions through cryptocurrency addiction'](https://www.bbc.co.uk/news/uk-scotland-57268024) - [Bitcoin dives as China cracks down on crypto](https://www.bbc.co.uk/news/business-57169726) He says that a rising trend of young people who are somewhat tech savvy, "like hobby technologists", are taking huge risks because they haven't been educated about finance properly. Mr Urquhart-Stewart strongly believes the national curriculum should include education on how to develop family finances over generations. "What we have now is a young generation of punters who have no knowledge of financial planning and development," stresses Mr Urquhart-Stewart. "They understand how to buy and sell things, but they have no concept of how to create longer-term wealth." No threat to the dollar In contrast, Neil Wilson, chief market analyst for Markets.com, thinks Bitcoin is definitely not a currency. AFP Mr Wilson says that Bitcoin could pose a slight threat to gold, as people are moving their investment allocations away from precious metals, into crypto-currency He says that to qualify as a currency, it must have the following functions: - A unit of account - Provide a good store of value - Be a means of payment "I call Bitcoin more of a security, like a stock or bond," says Mr Wilson. "Although it's appreciated massively, it's far too volatile to be a currency - it moves around more than most stocks do." He says that with Bitcoin, people are mostly buying it to hold onto and invest, rather than spending it frequently. And as to Mr Trump's assertion that the crypto-currency is threatening the US dollar, he disagrees, although it could be a slight threat to gold. "The means by which America exerts influence over the world is predominantly by the dollar, and it's not going to give that up, so I don't see Bitcoin as a threat whatsoever," he says. "Governments don't like other people creating money - they've seemed to tolerate crypto-currencies for some time, but they will eventually get their own digital currencies established and will squeeze Bitcoin out into the margins."