Former President Donald Trump warned this Tuesday that putting money into cryptocurrencies is “possibly a disaster waiting to happen.”
Trump reported that he has “not been a huge fan” of cryptocurrencies during his exclusive interview this Tuesday, noting he doesn’t invest into Bitcoin and other cryptocurrencies.
“I like the United States currency,” Trump said.
He argued that putting money into cryptocurrencies “hurts the U.S. currency” and “we should be invested in America’s currency.”
Tuesday’s attack against cryptos was the second one by Trump on FOX Business as Bitcoin and other cryptos are unregulated in our financial system.
Back in June, Trump said that Bitcoin looked like a “scam” and the euphoria around it was watering down the U.S. dollar.
“The currency should be the dollar. And I do not believe we should have all the Bitcoins out there. I believe they should regulate them very highly,” Trump said at the time adding that, “It takes the edge away from the dollar and the value of the dollar.”
“Who knows what they really are, but they certainly are something that folks don’t know much about,” he said. On Tuesday, Trump also claimed that cryptocurrencies “could be fake.”
Bitcoin has gone from its high of $64,888 in April to nearly $47,400 this Tuesday. The top cryptocurrency is still higher by 63% this year.
By contrast, the WSJ’s dollar index has not changed this year.
Trump, during his time in the White House, supported the dollar. When the dollar is weak, it makes it cheaper for foreign nations to buy American goods. During his long fight with China, Trump frequently accused the country of keeping its currency intentionally low to cause their exports to be cheaper.
SEC Chairman Gary Gensler has hinted that he supports cryptocurrencies, but talking to FOX Business earlier this month he said that the “field was not going to reach where it could if it tries to stay outside the law.”
He specified that these laws are money laundering, tax avoidance and investor protection.
Gensler gave the insight as the industry has been awaiting to see how the Dem appointee will approach the oversight of the cryptocurrency market, which he had reportedly stated should be brought into line with traditional regulation.