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

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

Trump did not act from his point and added, I feel that this (cryptocurrency) is painful to the United States currency. Instead of supporting digital currency, Trump remained faith in the U.S. dollar. He said, I think we should invest our money.

His attack continued when he said cryptocurrencies could be counterfeit. He added, Who knows what they are? But they are certainly something that people are not very aware of.

Even earlier, Trump expressed his aversion to cryptocurrency. Once, he called it a scam and accused it of taking the edge off the dollar and the value of the dollar.

Trump’s statements come at a time when cryptocurrency will remain unregulated under U.S. law. However, Securities and Exchange Commission chairman Gary Gensler seems to be in favor of cryptocurrencies. He believes the field will not reach any of its potential if it tries to stay outside our laws.

Gensler also called for innovative cryptocurrency 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 criticized digital assets. A few days ago, billionaire John Paulson called cryptocurrencies worthless bubbles. He said it doesn’t matter where cryptocurrencies are trading now, eventually they will go to zero, once the exaggeration disappears.

However, on the other hand, it looks like defending US Open champion Naomi Osaka, has had a keen interest in Dogecoin, fueled by all the noise around the meme -based cryptocurrency. In an interview a few days ago, Osaka said he still has discussions with his agent about cryptocurrencies and he has also read about Dogecoin. The price of Dogecoin in India is around Rs. 23 at 7pm on Sept. 2.

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

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