Donald Trump says cryptocurrency is a disaster waiting to happen – and slams ‘fake’ money for hurting the dollar | Currency News | Financial and business news

Former President Donald J. Trump.

Jabin Botsford / The Washington Post via Getty Images

Donald Trump has described cryptocurrencies as a looming disaster and criticized them for hurting the dollar.

“I like the currency of the United States,” former US president told Stuart Varney of Fox Business when asked what he thinks about crypto. “I think the others are potentially a disaster waiting to happen.”

Trump questioned digital assets and said Americans “should be invested in our currency.”

“They may be wrong. Who knows what they are?” he said in Tuesday’s interview. “They’re definitely something that people aren’t very familiar with. I haven’t been a huge fan.”

Bitcoin supporters, among others, have suggested that cryptocurrencies could pose a threat to the US dollar as a reserve currency and through their use in transactions, such as trading and remittances.

This was not the first time Trump has publicly denounced cryptocurrencies. He told Fox’s Varney in June that bitcoin appeared to be a scam and suggested the asset should be more regulated.

The price of Bitcoin has fallen 25% from its all-time high of over $ 64,000 to around $ 47,500 on Wednesday. Still, it’s up 64% so far this year. In comparison, the dollar index is little changed.

U.S. regulators and lawmakers have stepped up their focus on cryptocurrencies in recent months, as highly volatile assets gain popularity among retail investors.

Before Twitter permanently suspended Trump’s account, he criticized cryptocurrencies on a thread in 2019. “I’m not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is very volatile and based on air, ”he told The Times.

Although the former president is not a big crypto scholar, he has a group of supporters who launched a digital token in reaction to his defeat in the November 2020 election. Magacoin, the pro-Trump cryptocurrency, has has received over 1,000 registrations since its launch in July.

President Joe Biden’s administration has recognized the crypto boom, while Trump has not. Gary Gensler, named by Biden as chairman of the Securities and Exchange Commission, said cryptocurrency trading venues have grown so big they must adopt regulation or risk losing public trust.

“There are a lot of platforms that work today that would do better to engage and instead there is a bit of… begging for forgiveness, rather than asking for permission,” Gensler said in an interview with the Financial Times published Wednesday.

Read More: ‘Wolf of All Streets’ Trader Shares 6 Altcoins He Hopefully ‘Hodling’, And Why Investing In Crypto Now Is The Biggest Upside Opportunity Our Generation Will See

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