Former US President Donald Trump commented on the growing popularity of cryptocurrencies and the crypto crackdown by the Chinese government. He reiterated his anti-crypto stance: “I don’t want other currencies to come out and hurt or degrade the dollar in any way.”
Donald Trump Comments On Cryptocurrency And Chinese Repression
Former US President Donald Trump comments on the growing popularity of cryptocurrencies and the Chinese government’s crackdown on cryptocurrency in an interview with Yahoo Finance Adam Shapiro, was published on Monday.
Trump was asked, “You have a relationship with Chinese President Xi Jinping. What do you think Xi Jinping would do? Is this crackdown on cryptocurrency beneficial for the United States?” Reply:
Well, I guess he wants to make his own currency, cryptocurrency or otherwise.
Several people, including Robert Kiyosaki, author of the popular “Rich Dad Poor Dad,” have expressed that China is cracking down on crypto to pave the way for its central bank digital currency (CBDC), the digital yuan. Some see the anti-crypto move by the Chinese government as positive news for the United States, including a number of lawmakers. Congressman Patrick McHenry noted that “China’s decision to restrict access presents an ideal opportunity for US leadership in the crypto space.”
Commenting on the growing popularity of cryptocurrencies, Trump said: “And one of the reasons we have to be very careful is that we have a currency right now, the dollar. I am a big fan of the dollar. I am a huge fan of our currency.” He emphasized:
I don’t want other currencies to come out and hurt or degrade the dollar in any way.
To be sure, China is not looking to support the dollar. But right now, they are dependent on the dollar and probably have to stay that way unless we do something very stupid in our country,” the former president said.
Citing the “border show of terror” and the “horror show of the Afghan withdrawal,” Trump stressed: “The problem I have… is that our country is losing credibility.” He explained, “If you look at a dollar-based monetary system, if you start to lose credibility, you will suddenly lose this powerful monetary system. And we have to be very careful about that.”
Trump has long been a critic of bitcoin and cryptocurrency. While still President of the United States, he tweeted: “I am not a fan of Bitcoin and other cryptocurrencies, which are not money, and their value is highly volatile and depends on a vacuum. Unregulated crypto assets can facilitate illegal behavior, including drug dealing and other illegal activities”.
In June, he said that bitcoin “looks like a scam” and he wouldn’t invest in it. Bitcoin was only $6000 at the time. At the time of writing, BTC was trading above $49K based on data from Bitcoin.com Markets. In August, Trump warned that cryptocurrency was “potentially a disaster waiting to happen.”
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