Former United States President Donald Trump laid out his views on the health of Wall Street markets
The progress of the current administration and the potential of Bitcoin (BTC) and the cryptocurrency market in an interview with Fox Business released on Tuesday.
However, when discussing cryptocurrencies, the 45th President of the US actually said about the potential for disaster due to crypto.
“I like the United States currency, but I think another potential disaster is waiting to happen,” he said.
“They [cryptocurrency] maybe fake. Who knows what they are? They are certainly something not many people know about,” he added.
He also emphatically spoke about protecting the sovereignty of the US dollar as the first priority, rather than advancing a stagnant financial system and capturing the tremendous benefits that crypto and blockchain technologies have to offer.
Despite these unfavorable comments, crypto prices did not appear to be affected at the time Trump’s statement appeared. Bitcoin registered a 1.17% drop on Tuesday, Ether (ETH) has gained 6.30% and the third-ranked asset, ADA token Cardano is down 1.1%.
In contrast, current US President Joe Biden has adopted a seemingly more favorable stance in the cryptocurrency space, but he remains cautious.
Earlier this year, President Biden appointed Gary Gensler, former chairman of the Commodity Futures Trading Commission, as chairman of the new Securities and Exchange Commission.
Gensler has so far adopted a strict regulatory approach that focuses on a balance between fostering innovation and protecting the interests of market participants.
Earlier this month, Gensler expressed his belief that the market needs additional authority to prevent transactions, products and platforms from falling between regulatory loopholes. Not only that, Gensler also needs more resources to protect investors in this growing and volatile sector, he said.