The former US president called cryptocurrencies a “ticking time bomb” and warned of their potential harm to the US dollar.
In an interview with Fox Business, Donald Trump was asked about his views on the state of Wall Street markets, the progress of the current US presidential administration, and the potential of Bitcoin and the cryptocurrency market. In response to the last question, the former President of the United States stated:
“I love the currency of the United States, but I think cryptocurrencies have the potential to be a ticking time bomb. Cryptocurrencies can be props. Who knows what it is? People know very little about them. ”
He also talked about the first priority for the government – protecting the sovereignty of the US dollar, not improving the stagnant financial system and introducing the benefits that cryptocurrencies and blockchain can offer.
The current US President Joe Biden takes a more favorable stance towards the cryptocurrency industry, although he has not made any official statements. Earlier this year, Biden appointed Gary Gensler, former chairman of the Commodity Futures Trading Commission (CFTC), as the new head of the Securities and Exchange Commission (SEC).
Until now, Gensler has taken a rigorous regulatory approach that aims to strike a balance between promoting innovation and protecting the interests of market participants. Earlier this month, Gensler said the SEC needs clear powers to regulate cryptocurrency platforms.
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