In a recent interview, he appeared to reject the crypto market’s potential in favor of supporting the US dollar.
Former US President Donald Trump was questioned in an interview with Fox Business on Tuesday about his opinions on the health of Wall Street markets, the current administration’s development, and the potential of Bitcoin (BTC) and the cryptocurrency market.
In response to the latter issue, the former president responded, “I favor the US dollar, but I believe the others are disasters waiting to happen.” He went on to say:
“They [cryptocurrencies] may be fake. Who knows what they are? They are certainly something that people don’t know very much about.”
He also stressed the need of safeguarding the US dollar’s sovereignty over advancing the stagnated financial system and capitalizing on the overwhelming benefits of crypto and blockchain technologies.
Despite these unfavorable remarks, cryptocurrency values appeared to be unchanged at the time of publishing. Bitcoin is down 1.17 percent on the day, while Ether (ETH) is up 6.30 percent, and Cardano’s ADA currency is down 1.1 percent.
In comparison, current US Vice President Joe Biden has taken a more sympathetic posture toward the cryptocurrency field, but he is still extremely cautious.
President Biden appointed Gary Gensler, the former chairman of the Commodity Futures Trading Commission, to oversee the newly created Securities and Exchange Commission earlier this year.
Gensler has thus far taken a tough regulatory stance, focusing on finding a balance between fostering innovation and safeguarding market participants’ interests.
Gensler stated earlier this month that the industry requires “more authority to ensure that transactions, products, and platforms do not fall through regulatory cracks,” as well as “more resources to protect investors in this burgeoning and volatile sector.”
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