Donald Trump takes another swipe at crypto

Former US President lashed out at Bitcoin, saying he was never a big fan as he labelled it a scam

The former President of the United States, Donald Trump, has branded cryptocurrencies a potential “disaster waiting to happen”.

The ex leader also expressed his doubts and worries about digital money saying that it could “be fake”.

Trump told Fox Business that he hasn’t – and never would – invest in cryptocurrencies because he likes “the currency of the United States”.

He went on to claim the others were potentially a disaster waiting to happen.

“I feel that it [cryptocurrency] hurts the United States currency,” he said.

“I think we should strengthen, we should be invested in our currency, not in [cryptocurrencies]. They may be fake, who knows what they are?”

‘I was never a big fan of crypto’

Trump also warned it was dangerous to invest in crypto assets since “they are certainly something that people don’t know much about”, adding that he never was “a big fan”.

The former president has often criticised Bitcoin and cryptocurrencies in general. In June this year, he said Bitcoin “seemed like a scam”.

“I don’t like it because it’s another currency competing against the dollar,” he complained.

“I want the dollar to be the currency of the world.

“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 behaviour, including drug trade and other illegal activity.”

On the other hand, Securities and Exchange Commission (SEC) Chairman Gary Gensler recently said he supports digital currencies, but he argued that the “field is not going to reach any of its potentials if it tries to stay outside of our laws”.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.


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