Former US President Donald Trump reiterated his pessimistic stance on cryptocurrencies, arguing that the US should be invested in the Dollar instead.
'DISASTER' WAITING TO HAPPEN?: Trump issues warning about cryptocurrencies https://t.co/7UzXeuaAev
— FOX Business (@FoxBusiness) August 31, 2021
Trump “not a big fan of Crypto”
Donald Trump was interviewed yesterday by Fox Business. In the interview that revolved mainly about financial politics and the ongoing stock market bull run, Fox host Stuart Varney asked Trump if he also invests in Bitcoin, to which the former US president responded:
I don’t. I like the currency of the United States. I think [cryptocurrencies] are potentially a disaster waiting to happen.
It is not the first time Trump has publicly spoken about his opposition against digital currencies. In June 2021, he called Bitcoin a “scam against the US Dollar”. During his presidency in 2019, he stated that Bitcoin and other cryptocurrencies are not real money. He advocated for a stronger regulation of cryptocurrencies, especially in respect to Facebook’s proposed stablecoin Libra.
“We should be invested in our Currency”
Trump calls for US citizens to invest in the US Dollar instead, fearing that the emergence of cryptocurrencies could weaken the fiat currency. This is probably correct. Bitcoin was launched with the explicit goal of creating an alternative to the fiat money system. Rightfully so, taking into account how central bank inflation has expropriated the working and middle class since the abolishment of the gold standard in 1971.
Given that billionaire Donald Trump was likely one of the beneficiaries of this expropriation, it shouldn’t be a surprise that the former US president prefers this monetary system over sound money. It is the same resistance the crypto economy faced from banking giants like JPMorgan. A valid explanation or analysis for this antipathy usually does not follow. The former president too abstained from discussing his stance on cryptocurrency in more detail.