Donald Trump Says About Crypto: “I don’t want other currencies coming out and hurting the dollar.”
Donald Trump, a former President of the United States, has spoken out about the rise in popularity of cryptocurrency and the crackdown by China’s government on crypto. He reiterated his anticrypto stance, saying: “I don’t want other currencies coming out and demeaning the dollar any way strong>
Donald Trump comments on China’s crackdown on Cryptocurrency
In an interview with Yahoo Finance’s Adam Shapiro published Monday, Donald Trump, former President of the United States, commented on the rising popularity of cryptocurrency and China’s crackdown on crypto.
Trump was asked “Do you have a relationship to the Chinese President Xi Jinping?” What are you thinking of Xi Jinping’s activities? He responded:
He may want to create his own currency, crypto or not.
Several people, including famous “Rich Dad Poor Dad” author Robert Kiyosaki, have similarly expressed that China has been cracking down on crypto to pave the way for its central bank digital currency (CBDC), the digital yuan. Some view the anti-crypto move by the Chinese government as positive news for the U.S, including a number of lawmakers. “China’s decision to restrict access presents a perfect opportunity for American leadership on cryptocurrency,” noted Congressman Patrick McHenry.Commenting on the rising popularity of cryptocurrencies, Trump said: “And one of the reasons that we have to be very careful is we have a currency right now, the dollar. And I’m a big fan of the dollar. I’m a big fan of our currency.” He emphasized:
I don’t want to have other currencies coming out and hurting or demeaning the dollar in any way.
“And China is certainly not looking to back the dollar. But right now, they’re based on the dollar and they would probably have to stay that way unless we do something very foolish in our country,” the former president opined.
Citing “the horror show at the border” and “the horror show of the Afghan withdrawal,” Trump stressed: “The problem that I have … is our country is losing credibility.” He elaborated: “If you look at a monetary system based on the dollar, if you start losing credibility, all of a sudden you’re going to lose that strong monetary system. And we have to be very careful about that.”
Trump has always been a critic of bitcoin and cryptocurrencies. While still president of the U.S., he tweeted: “I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity.”
In June, he said bitcoin “seemed like a scam” and he would not invest in it. The price of bitcoin was only $6,000 at that time. At the time of writing, BTC is trading above $49K based on data from Bitcoin.com Markets. In August, Trump warned that crypto was “potentially a disaster waiting to happen.”