In an interview with Yahoo Finance’s Adam Shapiro published Monday, Donald Trump, former President of the United States, commented on the rising popularity of cryptocurrency and China’s crackdown on crypto.
Trump was asked: “You have a relationship to the Chinese President Xi Jinping. What do you think Xi Jinping has been up to? Is this good news for the U.S., or a crackdown on crypto? He responded:
He may want to create his own currency, crypto or not.
Many others, including the famous author of ‘Rich Dad Poor Dad,’ Robert Kiyosaki have also expressed concern that China is cracking down crypto to make way for its central bank digital currency, the digital yuan. Some see the Chinese government’s anti-crypto move as a positive sign for the U.S., including many lawmakers. noted Congressman Patrick McHenry that China’s decision to limit access offers a perfect opportunity for American leadership in cryptocurrency.
Trump commented on the rise in popularity of cryptocurrency. He said that one reason we need to be careful is that there is a currency right now: the dollar. The dollar is a great currency. I am a huge fan of our currency. He emphasized:
I don’t want other currencies to hurt or devalue the dollar.
“And China is certainly no looking to support the dollar. They’re currently based on the dollar, and would likely have to remain that way unless they do something very stupid in their country, the former president stated.
Trump cited ‘the horror at the border’ as well as ‘the terror show of the Afghan withdrawal’. He stated that ‘the problem I have…is our country’s loss of credibility. Trump elaborated, “If you look at a dollar-based monetary system, if your credibility starts to wane, you will lose that strong monetary sector.” We must be careful.
Trump has been an outspoken critic of cryptocurrency and bitcoin. He tweeted that he was still against bitcoin and other cryptocurrency while he was president of the United States. Illegal behavior such as drug trading and other illegal activities can be made possible by unregulated crypto assets.
He stated that bitcoin “seemed like fraud” and that he wouldn’t invest in it. At that time, bitcoin’s price was $6,000 Based on data from Bitcoin.com markets, Bitcoin.co was trading at $49K as of the writing. Trump warned in August that crypto could be a ‘potentially disastrous disaster waiting to happen’.