Former US President Donald Trump Anti-Crypto: I Don't Want Other Currencies To Hurt Or Undercut The Dollar

JAKARTA – In the midst of the booming cryptocurrency among the global community, former United States (US) President Donald Trump asserted that he is a fan of the dollar and does not want other currencies, both crypto and central bank digital currencies (CBDC) to threaten the presence of the dollar.

"I don't want any other currency to come out and hurt or devalue the dollar in any way," Trump said.

Trump made the statement when interviewed by Adam Saphiro from Yahoo Finance some time ago. Saphiro alluded to the popularity of cryptocurrencies and the Chinese government's crackdown on cryptocurrencies.

“You have a relationship with Chinese President Xi Jinping. What do you think Xi Jinping is doing? And is this crackdown on crypto good for the US?” asked Saphiro.

"Well, I think he wants to enforce his own currency, whether it's crypto or something else," Trump said.

Despite the skyrocketing popularity of cryptocurrencies, the former US President revealed that the US must be careful about cryptocurrencies so that the dollar is not disturbed. Trump also claims to be a big fan of the dollar.

“And one of the reasons why we have to be very careful is that we have a currency right now, the dollar. And I'm a big fan of the dollar. I'm a big fan of our currency," Trump said.

“And China certainly doesn't want to support the dollar. But right now, they are based on the dollar and they should probably stay that way unless we do something really stupid in our own country," the former US president added.

In addition, he also considered that the US was losing credibility. He also warned that if credibility is lost, the US will inevitably lose a strong monetary system.

“The problem I have … is that our country is losing credibility. If you look at a monetary system based on dollars, if you start to lose credibility, suddenly you will lose that strong monetary system. And we have to be very careful about that.”

Donald Trump is known as an anti-crypto figure and often criticizes cryptocurrencies. He also jokingly mentions that bitcoin “looks like a scam”. Trump made it clear that he would not invest in crypto and said that cryptocurrencies were often used for illegal activities.

While still serving as US President, Trump once tweeted: “I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on emptiness. Unregulated crypto-assets can facilitate unlawful behavior, including drug trafficking and other illegal activities.”

At the time of writing, the price of Bitcoin (BTC) was trading at Rp734,533,354, an increase of 3.61 percent in the last twenty-four hours, according to data from CoinMarketCap.