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Donald Trump Wants to Break Bitcoin, Says John Bolton

Donald Trump wants to thump bitcoin?

The former national security adviser of President Donald Trump, John Bolton has written a book about his days in the office. It’s supposed to be released in the next few days and is expected to be packed with interesting details about what’s been going on in the White House for the last four years.

The pages of the book that cryptocurrency enthusiasts might be interested in are those that talk about Trump’s intention to clamp-down on bitcoin.

Donald Trump and His Thoughts On Bitcoin

According to Bolton, he once witnessed Trump giving an order to Treasury Secretary Steve Mnuchin to “go after bitcoin” as he deemed it China’s financial weapon.

Don’t be a trade negotiator, go after bitcoin

Trump reportedly said

Instead of negotiating a trade deal with America’s biggest rival in terms of economy, Trump asked his Mnuchin to try to clampdown bitcoin, of which he’s never been a big fan. The US President expressed his thoughts about cryptocurrencies several times in the past. Last summer, for example, he tweeted about the worrying volatility of digital currencies.

Apart from voicing his displeasure over the increased use of cryptocurrencies in the United States, Trump also expressed his worry that they can be used for financing drug trade.

Bitcoin’s Dominance Remains Stable Despite Donald Trump

The price of BTC is far below the record achieved back in late 2017 when it almost reached the $20,000 mark. Nevertheless, bitcoin still remains the dominant currency in the world of cryptos.

With a price in the ballpark of $9,500, the world’s first decentralized cryptocurrency is still an important issue in the global economy. This suggests that if John Bolton was saying the truth, Trump’s efforts to diminish the importance of bitcoin haven’t been very successful.

Not only is its price pretty high, but bitcoin remains on the crypto throne with a 65% share of the cryptocurrency market.

Can Altcoins Dethrone Bitcoin in the Near Future?

On Thursday, China’s Center for Information and Industry Development (CCID) released its evaluation index of blockchain applications. Factors used for the evaluation include speeds, security, decentralization, applicability, and so on.

According to this index, bitcoin is the world’s 12th best blockchain system, with 106.2 points. EOS comes at the top of the list, which is a blockchain platform that can be used for all sorts of purposes. It also has its own crypto token, appropriately named EOS, the price of which is around $2.5 at the moment.

Some more popular altcoins that have ended up in the top 10 include TRON, with 138.43 points, and Ether (ETH) with 136.4 points. Speaking of Ether, this is the altcoin by market capitalization.

However, since recently, Ethereum-based token has gotten a tough competition in the form of a stablecoin called Tether. As of June 2020, Tether is the second-largest altcoin in the world and the world’s third-most-popular digital currency.

In terms of market capitalization, these are the five most popular cryptocurrencies today:

  1. Bitcoin (BTC) – $172.93b
  2. Ether (ETH) – $25.75b
  3. Tether (USDT) – $9.18b
  4. Ripple (XRP) – $8.38b
  5. Bitcoin Cash (BCH) – $4.32b
Janneke Eriksen

Janneke is a writing ninja and has vast experience in journalism, specifically in the crypto space. As a blockchain believer and avid Bitcoin fan, she’s incredibly excited to share to our readers the latest news around so they are always updated wherever they are.