Trump labels cryptocurrencies dangerous, projects explosion

Former United States President, Donald Trump, resumed his outburst on bitcoin and other cryptocurrencies, warning of an explosion in the decentralised finance community.

Trump said he never loved the cryptocurrency, stating that he has always favoured the dollar, which the crypto community is hoping will be replaced by bitcoin.

The founder of Truth Social said the crypto market, which is now worth $2.42 trillion, is growing bigger, and he’s worried that nothing is being done to curb the growth, which he described as dangerous.

During his administration as U.S. President, America didn’t ban cryptocurrency, and the country has reiterated under President Joe Biden that the government will only regulate, rather than restrict.

“Well, I never loved it because I like to have the dollar. I think the currency should be the dollar so I was never a big fan. But it’s spilling up bigger and bigger, and nobody is doing anything about it.” Trump was quoted as saying by Bitcoin News on Wednesday.

Read also: Why eNaira is better than cryptocurrencies – CBN

Commenting on his preference, Trump said, “Look, I want a currency called the dollar,” adding that, “I don’t want to have all these others, and that could be an explosion someday — the likes of which we’ve never seen. It will make the big tech explosion look like baby stuff. I think it’s a very dangerous thing.”

This is not the first time Trump will be taking a jab at the cryptocurrency market, as he described crypto as a disaster waiting to happen in August 2021.

In June, the former President called for strict regulation of bitcoin, stating that the most popular cryptocurrency was a scam.

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