- Donald Trump has warned that investing in cryptocurrency “hurts the United States currency”
- Trump told Fox Business that he preferred to concentrate on the U.S. dollar
- Trump has consistently dismissed cryptocurrencies since 2017
Former U.S. president Donald Trump said on Tuesday that cryptocurrency investing “hurts the United States currency”, saying that it draws money out of the country. This argument, ironically the same one peddled by Trump’s avowed enemy China during the 2013 Bitcoin bull run, comes just weeks after he said that Bitcoin “seems like a scam” following its collapse in May from $65,000. The Trump administration was famously helped to “burst the balloon” that was the Bitcoin bull run of 2017.
Trump Urges Investment into “Our Currency”
Trump was speaking to Fox Business on Tuesday when he was questioned about his exposure to the cryptocurrency market. Trump replied that he had no exposure because he “likes the currency of the United States” and added that “the others are potentially a disaster waiting to happen”, although it wasn’t clear if he was talking about other fiat currencies or cryptocurrencies.
I feel that it hurts the United States currency, I think we should strengthen…we should be invested in our currency, not in…er…you…it…they may be fake, who knows what they are, but they certainly are currencies…they certainly are something that people don’t know very much about.
For “people” it seems you could presumably read “I” given the way that Trump skirted around the subject of what cryptocurrencies actually constitute or how they work.
Former President Stays Consistent
Trump’s negative take on cryptocurrencies tallies with his previous comments on the subject. Last year it was reported that Trump wanted to “go after Bitcoin” when it spiked in 2017, which his administration duly did, and two years later he condemned Bitcoin “whose value is highly volatile and based on thin air”.
It seems that his loss of the presidency has not tamed his views on Bitcoin and the cryptocurrency sector at all.