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Former US President Donald Trump: Crypto Is A Disaster Waiting To Happen

Donald Trump, the 45th president of the U.S., hasn’t changed his outlook towards cryptocurrencies as an asset class.

Benzinga · 09/01/2021 19:30

Donald Trump, the 45th president of the U.S., hasn’t changed his outlook towards cryptocurrencies as an asset class.

What Happened: In an interview with Fox Business on Tuesday, Trump said he had not dabbled in Bitcoin (CRYPTO: BTC) and other cryptocurrencies because he prefers the U.S. dollar.

“I like the currency of the United States. I think the others [cryptocurrencies] are potentially a disaster waiting to happen,” he said.

The former president went on to state that the existence of cryptocurrencies could potentially even hurt the value of the dollar.

“They may be fake. Who knows what they are? They certainly are currencies that people don’t know very much about. I’m not a big fan,” he added.

Why It Matters: Trump’s most recent statements essentially reiterated his comments from last month. In June, he called Bitcoin “a scam” and called for U.S. regulators to step in and act.

"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 said at the time, adding, "It takes the edge off of the dollar and the importance of the dollar."

Read Also: Cathie Wood: Institutions Used The Correction This Year To Move Into Bitcoin

At the time of Trump’s comments last month, Bitcoin was trading at $36,000. Since then, the price of the leading digital asset has appreciated by 42% to cross the $50,000 mark for the first time since May.

However, Bitcoin hasn’t managed to sustain support at this price level and has consolidated between $47,000 and $49,000 for the past few weeks.

Price Action: At press time, Bitcoin was trading at $48,552, gaining 3% over the past 24-hours.

The cryptocurrency saw a 14% uptick in daily trading volume, which stood at $35 billion at the time of writing.

Photo: Gage Skidmore via Flickr