In an interview with Adam Shapiro of Yahoo Finance, former US President Donald Trump commented about his thoughts regarding the current growth rate and adoption of the cryptocurrency market and the recent Chinese government’s crypto crackdown. As some of you may already know, Trump was never much of a fan of the crypto market even when he was the US President. From his comments back in June that Bitcoin “seemed like a scam” and he would never invest in it, his views seemed very clear that he was an anti-crypto person and hence, this brings us to our next heading below.
Why Donald Trump doesn’t like Crypto?
Upon being asked the very same question in the interview about why he doesn’t like crypto? His answer was very clear that he is a big fan of the US dollar and any other currency which threatens it or demeans it, is a big no-no. This will also make the US look weak. Hence, he doesn’t like the way or the rate at which the cryptocurrency market is expanding or being adopted.
I don’t want to have other currencies coming out and hurting or demeaning the dollar in any way.
-Former US President Donald Trump
The former US President also cited that due to the ongoing horror show at our borders and the recent goof-up of the US military troop withdrawal from Afghan, the US’s credibility has already started to be questioned throughout the world and he further cited that if you start to lose your strong credibility or influence over the world market than people around the world will also, in the same way, start to ignore our strong monetary system which is the widely accepted US dollar. He also pointed out that the cryptocurrency market is pretty much unregulated and hence, it may facilitate unlawful behaviour like for example using crypto for drug trade or any other illegal activity that would be hard to track.
Donald Trump’s views about China’s crypto crackdown
When being asked about the recent crypto crackdown of China in the same interview, Donald Trump commented that China is looking to promote its own currency which will be free from the US dollar as China is currently heavily associated with it. Even Robert Kiyosaki, the famous author of the “Rich Dad Poor Dad” book seems to believe the same. He thinks that China is doing all this to promote its own Central Bank Digital Currency (CBDC) which is the digital yuan. So, China would be free from the influence of the world market mainly from the new rising crypto market and as well as the heavily influential US dollar. Donald Trump further commented that it is highly unlikely that China would be able to successfully separate itself from the influence of the US dollar soon or in the near future unless the US does something horrendously wrong causing the US dollar to weaken.
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