Former US President Donald Trump has commented on the growing popularity of cryptocurrencies and the Chinese government’s crypto crackdown. He reiterated his anti-crypto stance: “I don’t want other currencies to come out and hurt or insult the dollar.”
Donald Trump has commented on crypto and the crackdown in China
Former US President Donald Trump has commented on the growing popularity of cryptocurrencies and the Chinese government’s crypto crackdown in an interview with Yahoo Finance. Adam Shapiro, Published Monday.
Trump was asked: “You have a relationship with Chinese President Xi Jinping. What do you think Xi Jinping is doing? And is this crackdown against crypto good for the United States? He replied:
Well, I think he wants to make his own currency, be it crypto or otherwise.
Several, including the famous “rich father poor father” author Robert Kiyosaki, have similarly revealed that China is cracking down on its central bank’s digital currency (CBDC), the crypto, to pave the way for the digital yuan. Some see the Chinese government’s anti-crypto move as positive news for the United States, including several lawmakers. Congressman Patrick McHenry noted, “China’s decision to restrict access presents a perfect opportunity for American leadership to use cryptocurrency.”
Commenting on the growing popularity of cryptocurrencies, Trump said: “And one of the reasons we are 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 come out and hurt or insult the dollar.
“And of course China is not looking back at the dollar. But at the moment, they are based on dollars and if they don’t do something very stupid in our country, they will probably have to stay that way, ”the former president said.
Referring to “horror shows on the border” and “horror shows on the withdrawal of Afghans,” Trump insisted: “The problem I have is that our country is losing credibility.” “If you look at a dollar-based financial system, if you start to lose credibility, all of a sudden you’re going to lose that strong financial system. And we have to be very careful about that,” he said in detail.
Trump has always been a critic of bitcoin and cryptocurrency. As President of the United States, he tweeted: “I am not a fan of Bitcoin and other cryptocurrencies, which have no meaning and whose value is based on extremely volatile and thin air. Uncontrolled crypto resources can facilitate illicit behavior, including drug trafficking and other illegal activities.”
In June, he said Bitcoin “looks like a scam” and he would not invest in it. At the time, Bitcoin was priced at just ,000 6,000. At the time of writing, BTC Bitcoin.com is trading above $ 49K based on market data. In August, Trump warned that crypto was “waiting for a potential disaster.”
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