Donald Trump Labels Cryptocurrencies as “Disaster Waiting to Happen”

Divya  |  Sep 1, 2021

Former US President Donald Trump is clearly not a fan of cryptocurrencies. In his latest appearance on Fox News, Trump told his host Stuart Varney that crypto is “potentially a disaster waiting to happen" and people in the US should be invested in their own currency.

Donald Trump Calls Cryptocurrencies a “Disaster Waiting to Happen" 

Billionaire politician Donald Trump has once again slammed cryptocurrencies and advocated protections for the US Dollar. In an exclusive interview with Varney & Co., Trump said he liked the currency of the United States, although others are “potentially a disaster waiting to happen.” He further added:

“They may be fake. Who knows what they are? They are certainly something that people don’t know very much about.”

Trump’s fresh salvo against crypto reiterates his stance from June. The former president had made similar remarks about digital assets during a previous appearance on the same cable TV channel. Back then, his arguments were centered on regulating cryptos and maintaining the dollar’s status as the world’s reserve currency.

"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,” he told Varney at the time.

Fortunately for the crypto market, Trump’s comments have never made a dent in the prices. As of press time, Bitcoin was only 0.7% down in the last 24 hours. Meanwhile, Ether and Cardano (ADA) recorded profits at 9.1% and 1.0%, respectively. 

Growing Scrutiny of Crypto Industry in the US

While current US president Joe Biden has very little in common with his predecessor, they both seem to favor stricter regulation of the crypto industry. Although, it’s noteworthy that Biden has hinted at a much tamer approach than the one suggested by Trump.

Biden appointed SEC chair Gary Gensler has repeatedly called for congressional support to expand the agency’s monitoring capabilities. In a recent event, Gensler implied that virtual currencies should be treated as securities. He also stated that the market needs “additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks” and further resources to safeguard investors from the burgeoning “volatile sector.” 

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