Former US President Donald Trump described cryptocurrencies as a disaster in waiting to happen and criticized them for “hurting the dollar”.
“I love the US currency … I think others could be a disaster in waiting to happen, “former US President Stuart Varney of Fox Business said when asked about his thoughts on cryptocurrency.
Trump put in doubt digital assets, stating that people in the US “should invest in our currency.”
He added in the interview that took place on Tuesday: “It might be fake. Who knows what it is? .. It’s definitely something people don’t know much about.”
Bitcoin advocates, among others, see that cryptocurrencies can pose a threat to the US dollar as a reserve currency and through its use in transactions, such as trading and remittances.
And this wasn’t the first time Trump has publicly criticized the cryptocurrency, telling Fox’s Varney in June that the bitcoin seems like a scam and suggesting that theasset it should be more regulated.
The price of the bitcoin fell 25% from a record above $ 64,000 to around $ 47,500 on Wednesday. However, questyear increased by 64%. In comparison, the dollar index has not changed.
US regulators and lawmakers have intensified their interest in cryptocurrencies in recent months as highly volatile activity has grown in popularity among retail investors.
Before Twitter permanently suspended Trump’s account, he criticized cryptocurrencies in a thread in 2019. “I’m not a fan of Bitcoin and other cryptocurrencies,” he said at the time. “It is not money and its value is highly volatile and based on a vacuum.”
Although the former US president is not a big name in the cryptocurrency world, he did have a group of supporters who launched a token digital in response to its loss in the November 2020 election. Magacoin, the pro-Trump cryptocurrency, has received more than 1,000 registrations since its launch, according to What Business Insider reported in the July issues.
President Joe Biden’s administration acknowledged the cryptocurrency boom, unlike Trump. Gary Gensler, whom Biden has appointed chairman of the Securities and Exchange Commission, said cryptocurrency exchanges have gotten so big that they need to regulate or risk losing public trust.
“There are a lot of platforms out there today that would do better to get involved and instead there’s a little more to asking for forgiveness than asking for permission,” said Gensler. in an interview with the Financial Times published Wednesday.
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