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Former President Trump on Bitcoin and whether he is investing in today’s markets.
King Dollar should remain King Dollar.
This is the opinion of former President Donald Trump, who told FOX Business on Monday that Bitcoin looks like a “scam” and that the euphoria surrounding the world’s largest cryptocurrency is watering down the U.S. dollar.
“The currency of this world should be the dollar. And I don’t think we should have all the Bitcoins in the world there. I think they should regulate them very, very high,” Trump told Stuart Varney, adding: “He takes the advantage over the dollar and the importance of the dollar.”
Ticker Security Last Change Change% BITQ EXCHANGE TRADED CONCEPTS TRUST BITWISE CRYPTO INNOVATORS E 22.24 -0.51 -2.24% COIN COINBASE GLOBAL 230.38 +1.59 + 0.69%
BITCOIN’S HIGHLIGHTS IN MIAMI: ELON MUSK BASHING AND FAST GROWTH
Bitcoin has gone from its all-time high of $ 64,829 to $ 36,000, but is still up around 23% year-to-date.
In contrast, the Wall Street Journal dollar index changed little this year.
Trump, during his tenure in the White House, supported both a weak and strong dollar. When the dollar is weak, it is more attractive and cheaper for foreign countries to buy American products. During his long battle with China, Trump has frequently accused the nation of keeping its currency, the yuan, intentionally low to make exports cheaper.
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Bitcoin and other cryptocurrencies are still not regulated within the US financial system. The chairman of the Securities and Exchange Commission, Gary Gensler, has indicated that he supports digital currencies.
BITCOIN ETFS GET A NEW LOOK UNDER THE NEW SEC CHIEF GENSLER
(REUTERS / José Luis Magana)
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During his confirmation hearing, he hinted at a friendlier view of crypto from the SEC, noting that he would “work with his fellow commissioners to both promote innovation but also ensure investor protection.” .
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