The former president made the comments during an interview with Business fox Monday morning.

“Bitcoin looks like a scam,” Mr. Trump said.

“I don’t like it because it’s another currency that competes with the dollar. I want the dollar to be the currency of the world. This is what I have always said.

He then insisted that cryptocurrencies should be regulated “very, very high”.

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Since making the comments, Bitcoin’s value appears to drop more than 1.3 percent, from $ US36,472 ($ A47,030) to $ US35,973 ($ A46,368) in an hour, The sunreports.

Mr. Trump has previously shared his distrust of digital currencies, most notably in a July 2019 tweet about his now-deleted account.

He called bitcoin and other cryptocurrencies “very volatile”, adding that he was “not a fan” of them.

“Unregulated crypto assets can facilitate illegal behavior, including drug trafficking and other illegal activities,” he wrote in the 2019 tweet.

US jobs data on Friday put pressure on the dollar, with investors betting job growth was not strong enough to raise expectations of the US Federal Reserve to tighten monetary policy .

There was little movement in major currency pairs and the S&P 500 was down slightly without US economic data to give it direction on Monday.

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The dollar index fell 0.1% as the Australian dollar edged up against the US dollar, to $ 0.7756.

“At this point, it looks like the market really wants to run out of dollars. For us, this suggests that there is a risk involved in this move. It’s a crowded job, ”said Bipan Rai, head of foreign exchange strategy for North America at CIBC Capital Markets.

“You already have a significant portion of the market which is net short in US dollars, so it looks like we need a dismantling of these positions.”

While Mr. Rai said there was “some risk of the dollar recovering,” he noted that investors were awaiting the Federal Reserve meeting next week.

The forex market sees no reason for the Fed to change its monetary policy, “so we still have an accommodative monetary policy in the United States,” said Kit Juckes, head of currency strategy at Societe Generale.

Market participants will also look at US inflation data and the European Central Bank meeting, both on Thursday.

This article originally appeared on The sun and has been republished with permission