Cryptocurrencies

Cryptocurrencies are potentially a disaster waiting to happen, says Donald Trump

Former president of the US, Donald Trump, says that Cryptocurrencies are potentially a disaster waiting to happen. He prefers United States currency over Bitcoin and other stablecoins. He added that he is not a big fan in an interview to Fox Business Tuesday.

Cryptocurrency is the most growing market due to its unique features like a decentralized market where no one can manipulate the currencies. Yes, there are FUDs created by many influential people and scammers that can hurt the market but these shortcomings aren’t stopping people from investing in such a market. The countries affected by the disasters and in restrictions like Afghanistan and Cuba are seeing Cryptocurrencies as an opportunity to overcome these restrictions.

Elon Musk, CEO of Tesla and SpaceX, has created FUDs much time in the market through its influence. He is settled now but the Former President of the United States came to the scene to criticize the Cryptocurrencies in an interview with FOX Business on Tuesday.

Cryptocurrencies a disaster:

On the question of whether he has dabbled with crypto and Bitcoin or not, he said that he doesn’t like it and prefers the United States currency. He further pushed his national agenda and said that we all should invest in US currency, not cryptocurrencies. He made the most absurd comment that” cryptocurrencies may be fake and who knows what they are”. He exclaimed: I think the others are potentially a disaster waiting to happen.

Trump has always been a hater of Cryptocurrencies especially Bitcoin. In June he claimed that Bitcoin seemed like a scam and he doesn’t like it because it competes with the US dollar.  Trump tweeted in 2019:

Cryptocurrencies
Source: Twitter

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.

It seems from the comments of Trump that he hasn’t even looked at the mechanism of Bitcoin or any other stablecoins. One thing is for sure that people wouldn’t take Trump seriously like they haven’t taken him seriously when he was in government.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Check Also

bitcoin

Ripple v SEC lawsuit is going much better than expected, new claims by Coinbase CEO

Coinbase CEO Brian Armstrong has claimed that the Ripple v SEC lawsuit is going much …

Leave a Reply

Your email address will not be published. Required fields are marked *