By Lucas Williams
Donald Trump, the former President of the United States of America, has once again proven his business against virtual currencies and has spoken a great deal about their continuously increasing global fame. He also talked about the Chinese crackdown on cryptocurrencies. He comment that he literally does not appreciate the idea of more currencies coming out in the market because it would like to demean the United States’ national currency.
It is more than obvious that the former President of the US, Donald Trump, does not like virtual currencies for sure. By no stretch of the imagination, one can even assume that Trump has any soft corner for cryptocurrencies. He hasn’t pleased anyone from the crypto community ever by making a positive remark for crypto. Instead, he openly professes his business against the very existence of virtual currencies.
In one of his recent published interviews, he was seen commenting on the crypto crackdown employed by authorities in China. In addition, he spoke a great deal about cryptocurrencies and their growing fame amongst the global public.
The interviewer namely Adam Shapiro of Yahoo Finance asked him about his relationship with Xi Jinping, the Chinese premier. He then asked the former President what is his opinion on the maltreatment the Chinese Government has been leveraging to virtual currencies. In response, Trump said that he has very limited knowledge as to why China is treating crypto like that. However, it seems that China badly wants a digital currency of its own and does not want any hurdles in its path. He said that the Chinese President is doing the right thing. He would have done the same thing but in a more prudent way acceptable to the public as well.
The view of Trump has been previously also professed by many people globally. They too are assuming that because China has developed its digital Yuan therefore it wants to erode any competition. In fact, it wants to make sure that the only digital currency which becomes available to Chinese people should be the “digital Yuan”. But while ousting cryptocurrencies from the country, Chinese authorities also showed they’re inhospitably against crypto mining as well. The crackdown operation was lodged simultaneously against crypto as well as mining industries.
However, the crackdown has given rise to a debate in which many are insisting on the US to fill the gap created by China. They want the US to take over the crypto industry and act as its leader, which will be easily acceptable to the entire world.
While commenting on the crypto craze, Trump said that US would need to be extra cautious about cryptocurrencies. He opined that the major concern of the present regime should be to maintain the integrity of the United States’ national currency. Under the garb of embracing innovation, the sovereignty of the US Dollar should not be comprised, said Trump.