Donald Trump calls crypto “a disaster waiting to happen”

Key Takeaways

  • Former US President Donald Trump attacked the crypto industry again while appearing on Fox Business Network
  • Trump claimed he is not a big fan of cryptocurrencies, invoking the threat it poses against the US Dollar
  • The Billionaire-turned politician had made simmilar remarks in June when he called crypto “a scam”

YEREVAN (CoinChapter.com) — Former President of United States Donald Trump has expressed distrust for Bitcoin and cryptocurrencies, calling them “potentially a disaster waiting to happen.”

During an exclusive interview on Fox Business Network’s “Varney & Co,” Trump said he has “not been a big fan” of cryptocurrencies. 

Replying to show host Stuart Varney’s question if the former president had dabbled in crypto, Trump lashed out at the asset class, claiming cryptocurrencies “hurt the United States currency.” 

“I like the currency of the United States. I think the others are potentially a disaster waiting to happen…We should be invested in our currency,” 

Trump said. 

The Billionaire-turned politician further stated that cryptocurrencies “may be fake” because “who knows what they are?.” 

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Trump’s problem with crypto isn’t new

This isn’t the first time Trump has lashed at cryptocurrencies. Earlier June, Trump had called Bitcoin a “scam against the dollar.”

Interestingly, he made the comments while on the same show of Fox Business Network. The former president believed that the rise of cryptocurrencies “takes the edge off of the dollar and the importance of the dollar.”

“The currency of this world should be the dollar. And I don’t think we should have all of the Bitcoins of the world out there. I think they should regulate them very, very high,”

Trump told Varney.

While many former critics of cryptocurrencies have since become proponents of the technology, Trump seems undeterred.

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Trump banks on crypto bashing to appear patriotic

While a big proponent of the US Dollar, the former President’s stance against cryptos is surprising. To begin with, one would expect the vast opportunities created by the industry to be of interest to the billionaire businessman. In addition, the patriotic image that Trump peddles as someone concerned about the US Dollar fades away on the backdrop of alleged tax evasion. 

In September last year, the New York Times reported that President Trump had avoided paying taxes. According to the revealed documents, the former US President had born no income taxes in 10 of the 15 years before 2020.

Moreover, in the first two years of his presidency, Trump paid only $750 per year in federal income taxes, as per the same report.

In addition, throughout his tenure, Trump was at loggerheads with the US Federal Reserve, attacking Fed chairman Jerome H. Powell on several occasions. 

Today, Trump’s patriotic image relies on his attacks on a technology he seems to have been left out of.

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Thank you for the endorsement, Mr Trump. 

Interestingly, in his attack on Bitcoin, Donald Trump unknowingly endorsed the asset when he claimed: “it is bad because it competes with the Dollar.” 

That is exactly what Bitcoin fans like to hear since it is why cryptocurrencies are becoming popular. 

In 2019, during the hearing over Facebook’s Libra digital currency, California Congressman Democrat Brad Sherman also unwillingly endorsed cryptocurrencies when he stood to attack them. 

“Cryptocurrency either doesn’t work, in which case investors lose a lot of money, or it does achieve its objectives perhaps and displaces the U.S. dollar,” 

the congressman said. 

What better way to validate cryptos than by saying it could potentially displace the dollar? 

Maybe someone should point out to Trump that people are looking for alternatives to Fiat money, and by pointing out that cryptos compete with the US Dollar, he is cheering for the industry, albeit unknowingly. 

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