Cryptocurrency is a disaster waiting to happen!

Former US President Donald Trump described cryptocurrencies as a looming disaster and criticized them for “damaging the dollar.”

“I love US currency … I think more could be a disaster to come,” former US President Stuart Varney of Fox Business said when asked what he thinks about crypto -cash.

Trump questioned digital assets, saying Americans “should invest in our currency.”

He added in the interview on Tuesday: “That could be wrong. Who knows what it is? .. It’s definitely something that people don’t know much about.”

Supporters of Bitcoin, among others, see that cryptocurrencies can pose a threat to the US dollar as a reserve currency and through its use in transactions, such as trading and remittances.

And it wasn’t the first time Trump has publicly criticized the cryptocurrency, telling Fox’s Varney in June that bitcoin looked like a scam and suggesting the asset should be more regulated.

The price of bitcoin fell 25% from a record high above $ 64,000 to around $ 47,500 on Wednesday. However, it is up 64% this year. By comparison, the dollar index has not changed.

U.S. regulators and lawmakers have intensified their interest in cryptocurrencies in recent months as the highly volatile asset has gained popularity among retail investors.

Before Twitter permanently suspended Trump’s account, he criticized cryptocurrencies in a thread in 2019. “I’m not a fan of Bitcoin and other cryptocurrencies. It’s not money and its value is very volatile and based on a vacuum cleaner. “

Although the former US president is not a big name in the cryptocurrency world, he had a group of supporters who launched a digital token in response to his defeat in the November 2020 election. Magacoin, the crypto pro-Trump currency, has received more than 1,000 registrations since its launch, according to What Business Insider reported the figures for July.

President Joe Biden’s administration has recognized the cryptocurrency boom, while Trump has not. Gary Gensler, who Biden appointed as chair of the Securities and Exchange Commission, said cryptocurrency exchanges have become so important that they must pass regulation or risk losing public trust.

“There are a lot of platforms that would be better engaged and instead there are a little more begging for forgiveness, rather than asking for permission,” Gensler said in an interview with the Financial Times published Wednesday.