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:
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.