Donald Trump On Crypto: ‘I Don’t Want Other Currencies To Come Out And Damage The Dollar’
“I don’t want other currencies to come out and hurt the dollar,” Donald Trump says of cryptocurrency.
Former US President Donald Trump spoke about the growing popularity of cryptocurrencies and the crackdown on crypto by the Chinese government. Reiterating his anti-crypto stance, Trump; “I don’t want other currencies to appear and hurt the dollar in any way” commented.
Cryptocurrencies and China’s Crypto Imprint
In an interview with Yahoo Finance’s Adam Shapiro today, Former US President Donald Trump commented on the growing popularity of cryptocurrencies and the Chinese government’s crackdown on crypto.
“You have a relationship with Chinese President Xi Jinping. What do you think Xi Jinping is up to? And is this pressure on crypto beneficial for the US?” Asked the question, Trump answered the question as follows:
“I think he wants to create his own currency, crypto or not…”
Commenting on the growing popularity of cryptocurrencies, Trump states that the United States continues to promote its own currency:
“One of the reasons we have to be very careful is that 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. I don’t want other currencies to appear and hurt the dollar in any way.
Trump also stated that China does not support the dollar. He also noted that the Asian country is currently based on the dollar and will have to stay that way unless the US does something stupid. However, the real fear of the former US President, who is not afraid of China’s economic power, seems to be losing credibility in the dollar.
“My problem is … our country is losing credibility. If you are faced with a dollar-based monetary system and you start to lose credibility, suddenly you will lose that powerful monetary system. And we have to be extremely careful about it.”
Trump has always been critical of Bitcoin and cryptocurrencies. He has said that even when he was US president, he was not a fan of cryptocurrencies and that these unregulated assets could facilitate drug dealing and other illegal activities. Trump’s final comment on cryptocurrencies was that these assets were “a disaster waiting to happen.”