Key Takeaways
- Donald Trump believes that cryptocurrencies could be fake
- Trump noted that Bitcoin poses a major threat to the U.S dollar
- The US has high adoption rates for bitcoin and cryptocurrencies
The former US president made this remark in an interview with US news outlet Fox Business on August 31st.
Trump was asked about his opinions on bitcoin and cryptocurrencies, to which he stated that he was not a fan of digital assets.
He further added that he believes that the development of cryptocurrencies has hurt the progress of the US dollar.
Trump also urged that Americans should work towards strengthening the dollar and not investing their money in cryptocurrencies.
He concluded by hinting that cryptocurrencies may be fake, and no one knows how they work.
Trump’s statements are not surprising, given his previous opinions of bitcoin and cryptocurrencies.
He alleged earlier in June that Bitcoin felt like a scam and added that he was not enthusiastic about the digital currency since it competed with the dollar.
During his stint as the president of the US, he tweeted that the value of cryptocurrencies was based on thin air.
Nevertheless, during the election campaign, several groups under the Republic party received donations in digital currencies.
US politicians are known to promote what they feel is suitable for them, and Trump’s opinion holds little sway in the minds of the general populace.
The United States has one of the highest adoption rates of cryptocurrency globally and earlier in the year recorded the first IPO of a crypto company CoinBase.
It also boasts of the highest numbers of bitcoin ATMs in the world.
What are your thoughts on Trump’s statements on cryptocurrencies?
