Trump: Investing In Cryptocurrencies Is Like Waiting For Disaster

Former US President Donald Trump doesn't believe in cryptocurrencies. (photo: History in HD/unsplash)

JAKARTA - Former US President Donald Trump warned Tuesday, August 31, that investing in cryptocurrencies is "potentially waiting for disaster to happen."

Trump said he was "not a big fan" of cryptocurrencies during an exclusive interview on "Varney & Co.", last Tuesday. He noted that he does not invest in Bitcoin and other digital currencies.

"I love the United States currency", Trump told Stuart Varney. He argues that investing in cryptocurrencies is "harming the currency of the United States" and "we should invest in our currency."

Tuesday's attack on crypto was the second by a former president at FOX Business as Bitcoin and other cryptocurrencies remain unregulated in the US financial system.

In June, Trump told Varney that Bitcoin looked like a "scam" and the euphoria surrounding the world's largest cryptocurrency weakened the US dollar.

"The currency of this world should be the dollar. I don't think we should have all the Bitcoins in the world out there. I think they should set it very, very high", Trump told Varney at the time. "This takes away from the dollar's prominence and the dollar's importance".

On Tuesday, August 21, Trump said cryptocurrencies "may be counterfeit".

"Who knows what they are, but they must be something not many people know", he said.

Bitcoin itself has fallen from a record high of $64,888 in April to around 47,400 on Tuesday. But cryptocurrencies are still up 63% this year. In contrast, the Wall Street Journal's dollar index was little changed this year.

Trump, during his tenure in the White House, supported a weak and strong dollar. When the dollar weakens, it is more attractive and cheaper for foreign countries to buy US goods.

During his long battle with China, Trump has frequently accused the country of keeping its currency, the yuan, deliberately low to make exports cheaper.