Former President Donald Trump slammed cryptocurrencies Tuesday, saying they are "a disaster waiting to happen."
"I like the currency of the United States," Trump said on the Fox Business network after being asked about cryptocurrencies. "I think the others are potentially a disaster waiting to happen."
Trump said Americans "should be invested in our currency" and not cryptocurrencies.
"They may be fake. Who knows what they are?" he told Fox Business. "They certainly are something that people don't know very much about. I have not been a big fan."
Markets Insider said that bitcoin proponents and other people have suggested cryptocurrencies could pose a threat to the U.S. dollar as a reserve currency and through their use in transactions.
In June, Trump called bitcoin "a scam" that threatens the U.S. dollar becoming "the currency of the world."
"Bitcoin just seems like a scam," Trump said on Fox Business. "With us, it was $6,000 and much lower. I don't like it because it's another currency competing against the dollar. Essentially, it’s a currency competing against a dollar. I want the dollar to be the currency of the world. That’s what I've always said."
The former president also criticized cryptocurrencies on a Twitter thread in 2019 before the social platform suspended his account.
"I'm not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," he tweeted then.
Bitcoin's price, once a record high above $64,000, had fallen 25%, to about $47,500, as of Wednesday. However, it remained up 64% so far this year.
The U.S. dollar index has changed little this year.
Cryptocurrencies have grown in popularity among retail investors — something that has prompted U.S. regulators and lawmakers to increase attention in recent months.
Despite Trump's feelings about crypto, a group of his supporters launched a digital token as a reaction to his loss in the 2020 election. Magacoin has received more than 1,000 sign-ups since its launch, as of July, Markets Insider reported.
Gary Gensler, President Joe Biden's appointment to chair of the Securities and Exchange Commission, has said cryptocurrency trading platforms have become so large that they need to embrace regulation.
"There are a lot of platforms that are in operation today that would do better engaging and instead there is a bit of begging for forgiveness, rather than asking for permission," Gensler said in a Financial Times interview published Wednesday.
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