HomeCryptoFormer US president calls crypto a 'catastrophe waiting to occur'

Former US president calls crypto a ‘catastrophe waiting to occur’

In an interview with Fox Business launched on Tuesday, former United States President Donald Trump was questioned about his views on the well being of the Wall Street markets, the present administration’s progress and the potential of Bitcoin (BTC) and the cryptocurrency market.

In response to the latter query, the previous president said: “I like the currency of the United States, but I think the others are potentially a disaster waiting to happen.” He continued:

“They [cryptocurrencies] may be fake. Who knows what they are? They are certainly something that people don’t know very much about.”

He additionally spoke on defending the sovereignty of the U.S. greenback as the primary precedence, relatively than advancing the stagnant monetary system and greedy the overwhelming advantages that crypto and blockchain applied sciences have to provide.

Despite these less-than-favorable feedback, crypto costs appeared unaffected on the time of publication. Bitcoin has recorded a decline of 1.17% on the day, Ether (ETH) has risen 6.30% and the third-ranked asset, Cardano’s ADA token, is down 1.1%.

In distinction, present U.S. President Joe Biden has adopted a seemingly extra favorable stance on the cryptocurrency area, but he nonetheless stays diligently cautious.

Earlier this 12 months, President Biden appointed Gary Gensler, former chairman of the Commodity Futures Trading Commission, as the brand new Securities and Exchange Commission’s lead.

Related: SEC reportedly contracts blockchain analytics agency to monitor DeFi trade

Gensler has thus far adopted a stern regulatory strategy that focuses on putting a stability between aiding innovation and defending the pursuits of market contributors.

Earlier this month, Gensler expressed his beliefs that the market wants “additional authorities to prevent transactions, products, and platforms from falling between regulatory cracks,” in addition to “more resources to protect investors in this growing and volatile sector.”