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Trump Names Crypto a Disaster Waiting to Happen

  • Former U.S. President Donald Trump has spoken out on cryptocurrencies once more
  • Trump believes cryptocurrencies “hurt the United States currency” 
  • He also says crypto is a potential disaster waiting to happen

It is well known that the former president Donald Trump is not the biggest fan of cryptocurrency exchanges. Still, everyone was reminded of his dislikes with digital assets once again during an interview on Fox Business’ “Varney & Co.”

In the Fox Business interview Trump has stated that crypto and Bitcoin “may be fake,” which is his standard answer for anything the man disagrees with.

However he elaborated that he was never into trading stock markets and doesn not believe in crypto. The former-president has expressed his favoritism for the USD and regards any alternatives as “a potential disaster” that hurts the U.S. fiat currency.

Some experts say that cryptocurrencies have the potential to destabilize currencies due to the fact that they have taken off in such a way that it’s created a popular appeal without any solid financial strength.

Moreover, the USD has not performed well the past year, as it is in the same place it was this time last year. Even though USD is the world’s reserve fiat currency,  it is far from being stable.  The U.S. fiat currency itself can be regarded as a “potential disaster” if various factors are considered.

After all, the United States fiat currency is still recovering from the global pandemic and was rather more affected by Covid-19 than cryptocurrency exchanges. 

Trump’s Comments of the Past

Previously, Trump labelled Bitcoin as “scam,” that is against the dollar. The former-president stated that he doesn’t like cryptocurrency because “it’s another currency competing against the dollar”.

Trump has  made some comments via Twitter, attacking Bitcoin and other cryptocurrencies, saying they are “unregulated crypto assets” that can “facilitate unlawful behavior, including drug trade and other illegal activity.”

Trump also stated “Unregulated crypto-assets can facilitate unlawful behavior, including drug trade and other illegal activity.” The former president continues to push the same agenda cultivated throughout his presidency.

On The Flipside

  • Throughout the presidency the world has heard plenty of Trump’s “truths”, yet most of the time these have turned out to be bravado. 
  • His latest appearance could be viewed as another opportunity to self-promote.
  • Even though the USD is struggling, there is no suggestion that crypto exchanges are to blame.
  • Moreover cryptocurrencies have been around for over a decade (Bitcoin is 11-years-old). It is a false dichotomy to state conclusively that cryptocurrency will become a world currency and evolve into an effective hedge or it will become a living disaster.

Why You Should Care?

It is easy to be affected by mass media propaganda. Thus, it is crucial to stay focused and gather well-rounded information to interpret reality. 

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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