Donald Trump says cryptocities are a disaster waiting to happen – and shuts down ‘fake’ money to hurt the dollar | Money News | Financial and Business News

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Former President Donald J. Trump.

Jabin Botsford / The Washington Post via Getty Images

Donald Trump described cryptocurrencies as a catastrophe waiting to happen, and slammed them for hurting the dollar.

“I want U.S. money,” the former U.S. president told Fox Business’s Stuart Varney when asked about his attitude to crypto. “I think others may be a disaster waiting to happen.”

Trump was skeptical of digital assets, and said that people in the US “should have invested in our money.”

“They may be fake. Who knows what they are?” he said in an interview Tuesday. “They’re definitely something people don’t know very well. I haven’t been a big fan.”

Proponents of Bitcoin among others have suggested cryptocurrencies that could pose a threat to the U.S. dollar as a reserve currency and through their use in transactions, such as for commodities, and in shipments.

This isn’t the first time the public has publicly cracked down on cryptocurrencies. He told Fox’s Varney in June that bitcoin seemed to be a scam and suggested the asset should be better.

The Bitcoin price fell 25% from a record high above $ 64,000 to $ 47,500 as of Wednesday. However, it is up 64% so far this year. In comparison, the dollar index has changed somewhat.

U.S. regulators and lawmakers have turned their attention to cryptocurrencies in recent months, as highly volatile assets grow in popularity among 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, which aren’t money, and whose value is highly volatile and based on thin air, “he said at the time.

Although the former president is not big on crypto, he has a group of supporters who launched a digital token as a reaction to his election loss in November 2020. Magacoin, the pro-Trump cryptocurrency, has received more than 1,000 sign ups since its launch, until July.

President Joe Biden’s administration recognized the crypto boom, in contrast to Trump. Gary Gensler, Biden’s appointment to be chairman of the Securities and Exchange Commission, said the cryptocurrency trading platform has become so overwhelming that they have to embrace regulation or risk losing public trust.

“There are a lot of platforms that work today that better produce attention and instead have a … asking for forgiveness, rather than asking for permission,” Gensler said in an interview with the Financial Times published on Wednesday.

Read More: Entrepreneur ‘Wolf of All Streets’ shares 6 altcoins that he is ‘chasing,’ and why investing in crypto is now the biggest opportunity increase our generation will see

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