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Donald Trump called investing in cryptocurrency an expected disaster

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Donald Trump called investing in cryptocurrency an expected disaster. In other words, investing in cryptocurrencies is “potentially a disaster waiting to happen“. In an interview with FOX Business, former U.S. President Donald Trump expressed his opinion.

Trump noted that he has never “been a big fan of cryptocurrencies”. Moreover, he has not bought Bitcoin and other digital assets. “I like the currency of the United States,” he told host Stuart Varney. According to Trump, by investing money in digital assets, investors are hurting the dollar. “We must invest in our currency,” he said.

“They (cryptocurrencies) may be fake. Who knows what they are? They are certainly something that people don’t know very much about,” Trump believes.

In June, he told Varney that the first cryptocurrency “looks like a scam,” and the euphoria around it weakens the dollar. He also noted that protecting the sovereignty of the US dollar should be a priority, instead of encouraging the stagnation of the financial system and using the overwhelming advantages offered by crypto and blockchain technologies.

Joe Biden remains cautious

Unlike Trump, the current U.S. president Joe Biden takes a more favourable position regarding the cryptocurrency space, but he still remains cautious.

Earlier, President Biden appointed Gary Gensler, the former chairman of the Commodity Futures Trading Commission, as the new head of the Securities and Exchange Commission.

Furthermore, the Chairman of the U.S. Securities and Exchange Commission continues to adhere to a strict approach to regulation aimed at achieving a balance between promoting innovation and protecting the interests of market participants.

Significantly, the market needs “additional authorities to prevent transactions, products and platforms from falling between regulatory cracks”. As well as “more resources to protect investors in this growing and volatile sector”, Gensler noted earlier this month.

Trump is not a fan of Bitcoin and other Cryptocurrencies

Recall that Trump first spoke about Bitcoin in July 2019. Then he said that the value of the asset is extremely volatile and generally unsupported by anything.

Former national security adviser to the ex-president John Bolton wrote in his memoirs that Trump spoke about his dislike for cryptocurrency back in May 2018.

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