Former US President Donald Trump Says Cryptocurrency is a ‘Disaster Waiting to Happen’

Cryptocurrencies hurt the US dollar said the former president.

By Edited by Gadgets 360 Newsdesk | Updated: 2 September 2021 14:24 IST

Former US President Donald Trump Says Cryptocurrency is a ‘Disaster Waiting to Happen’

Cryptocurrency is a scam, Trump had said earlier

Highlights

Trump said: "I think we should be invested in our currency"
He said cryptocurrencies “may be fake”
"Certainly something people don't know very much about"

Former US President Donald Trump is “not a big fan” of cryptocurrency. Trump has been vocal about his dislike for digital currency several times. On Tuesday, he told Fox Business that investing in crypto could be “potentially a disaster waiting to happen”. In an exclusive interview on the show Varney & Co., Trump was asked by host Stuart Varney, “Do you have a dabble in Bitcoin or cryptos?” Trump noted that he does not invest in Bitcoin or other digital currencies. “I like the currency of the United States,” he said.

Trump did not budge from his point and added, “I feel that it (cryptocurrency) hurts the United States currency.” Instead of supporting the digital currency, Trump kept his faith in the US dollar. He said, “I think we should be invested in our currency.”

His attack continued when he said that cryptocurrencies “may be fake”. He added, “Who knows what they are? But they certainly are something that people don't know very much about.”

Even earlier, Trump had expressed his dislike for towards cryptocurrency. Once, he had called it a “scam” and alleged that it was taking “the edge off of the dollar and the importance of the dollar”.

Trump's statements come at a time when cryptocurrency still remains unregulated under US legislation. However, Securities and Exchange Commission chairman Gary Gensler looks like he's in favour of cryptocurrencies. He believes that the “field is not going to reach any of its potential if it tries to stay outside of our laws”.

Gensler also called cryptocurrency “innovative technologies” while also being aware of the risks in the industry.

Over the years, cryptocurrencies have had mixed responses from people. While they have received a lot of support from the likes of Elon Musk, there have been others like Trump who have slammed the digital assets. A few days ago, billionaire John Paulson had called cryptocurrencies a “worthless” bubble. He said that no matter where cryptocurrencies are trading now, eventually they will go to zero, once the exuberance wears off.

However, on the other hand, looks like defending US Open champion Naomi Osaka, has taken a keen interest in Dogecoin, which was spurred by all the noise around the meme-based cryptocurrency. In an interview a few days ago, Osaka said that she's even had discussions with her agent about cryptocurrencies and that she had read about Dogecoin as well. Dogecoin price in India was around Rs. 23 at 7pm on September 2.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.