Donald Trump believes crypto is ‘a disaster waiting to happen’

During a live interview with Fox Business on August 31, former US President Donald Trump expressed his disapproval of cryptocurrency investments after being questioned on the future of Bitcoin and the cryptocurrency market.

‘I like the currency of the United States, but I think the others are potentially a disaster waiting to happen,’ Trump answered. 

In addition, rather than focusing on what cryptocurrencies and blockchain can offer, he stated that the US dollar must be the priority. He also expressed that people still don’t know much about what cryptocurrencies are.

Trump further exclaimed, ‘I feel that cryptocurrency hurts the United States currency. I think we should strengthen, we should be invested in our currency, not in cryptocurrencies. They may be fake, who knows what they are.’

Trump has always been vocal regarding his disdain for digital assets. In an exclusive interview with Varney & Co. last June, he said that Bitcoin seemed like a scam. He is against the digital currency because it competes against the US dollar, which he wants to be the ‘currency of the world’.

An hour after the interview, the price of Bitcoin dipped by over 1.3% which is from $36,472 to $35,973.

However, this is not the first time that Donald Trump lashed out against cryptocurrencies and affected their value. 

A similar incident happened in 2019 when he tweeted, ‘I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity.’ The price of Bitcoin fell by approximately $10,000 afterwards.

On the other hand, current US President Joe Biden has a more positive but precautious approach when it comes to cryptocurrencies. Just this year, he appointed Gary Gensler as the new head of the Securities and Exchange Commission.

Gensler seemed to uphold a strict regulatory approach that aims to balance innovative shifts and the protection of the interests of every participant in the market. He expressed that the market needs ‘more resources to protect investors in this growing and volatile sector’.

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