Donald Trump believes crypto is a potential disaster that just waits to happen, as he spoke out on crypto this week so let’s see what he had to say more in our latest crypto news.
Donald Trump is not a fan of crypto as he stated that several times himself. The former president spoke out against digital assets during the interview with Fox business and said:
“I like the currency of the United States.”
Trump said that investing in crypto assets is potentially a disaster waiting to happen. Fox Business reported that he thinks cryptos hurt the United States currency and that people should be interested in the US dollar alone. Trump also labeled Bitcoin as a scam and blamed it for watering down the power of the dollar:
“The currency of this world should be the dollar. And I don’t think we should have all of the Bitcoins of the world out there. I think they should regulate them very, very high.
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It takes the edge off of the dollar and the importance of the dollar.”
Trump said that crypto is likely fake and in reference to BTC and crypto which appears to be his favorite answer for everything that he doesn’t agree with. The USD didn’t perform quite well over the past year and according to Wall Street Journal Dollar Index, it is at the same place that it was a year ago. The index measures the value of the dollar relative to 16 foreign currencies. The USD is the world’s reserve fiat currency but it is far from stable and could also be considered a disaster if other factors are considered. Since the COVId pandemic started, the Federal Reserve printed trillions of dollars for stimulus packages and quantitative easing. The more cash that gets injected into the monetary system, the lower the value each dollar has. Paired with the interest rates at Zero and inflation of 5.4% it doesn’t look well for the Dollar.
Donald Trump believes crypto is a disaster and since the COVID pandemic started in 2020 as the Federal Reserve printed trillions of dollars and stimulus packages so the more money into the monetary system, the value of the dollar lowers down. FED’s balance sheet or asset and liabilities was $8 trillion and set to keep growing but the majority of these liabilities are the dollar bills that teh bank puts into circulation to purchase $120 billion of assets per month in mortgage-backed securities and bonds. The recovery from the pandemic is going to take a lot of years, perhaps even decades so the disaster waiting to happen could be swapped from fiat currencies and monetary manipulation.
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