Former U.S. President Donald Trump has put his weight around cryptocurrencies trashing them as an investment choice over what he referred to as a potential disaster waiting to happen.
In a Tuesday evening interview live call with media outlet Fox business, the 45th president stated that he had lowered his overall investments across the market, blaming the current government under Biden for deterring with the tax cuts that he had introduced during his tenure, leading to a massive inflow of foreign investors into the U.S.
Cryptocurrencies are not his cup of tea
Asked whether he had dabbled in cryptocurrencies or Bitcoin, the former president replied that he was “not a big fan” pointing out that cryptocurrencies were certainly something that most U.S. citizens did not know very much about.
“I don’t. I like the currency of the united states. I think the others are potentially a disaster waiting to happen. I feel that it hurts the United States currency. I think we should be invested in our currency. They may be fake-who knows what they are”.
This is not the first time that Trump has been in a combative relationship with cryptocurrencies. He has on previous occasions expressed his contempt for this technology, often siding with the dollar. In early June, he went on a crypto rant stating “Bitcoin, it just seems like a scam -I don’t like it because it’s another currency competing against the dollar” adding that he wanted the dollar to become the global currency.
In 2019, he threw yet another shot at cryptocurrencies saying that they had very high volatility and were based on thin air. He warned that unregulated crypto-assets can facilitate unlawful behavior, including drug trafficking and other illegal activities.
He particularly bashed Facebook’s virtual currency, Diem (previously Libra), pointing out that if Facebook and other companies developing virtual currencies wanted to become banks, they had to seek banking charters and become subject to all banking regulations.
Most Billionaire investors still hesitant about crypto
Trump’s comments come even as a long line of “old-school” investor Billionaires remains apprehensive about cryptocurrencies, often choosing to hold onto gold and other traditional safety nets such as bonds and stocks. Recently, billionaire hedge fund manager John Paulson of Paulson & Co watered-down cryptocurrencies asserting that they have no intrinsic value and will eventually prove to be worthless.
The world’s most famous investor, Berkshire Hathaway’s Warren Buffett has also previously maintained his disdain for crypto asserting that they are just a mirage and do not meet the test of a currency.
Other Billionaire investors such as George Soros and Oystein Stray Spetalen who have both been big critics of cryptocurrencies have however changed tone and declared their approval by investing in various crypto assets and funds.