Cryptocurrencies had a great year in 2021. In this period, we have seen the market go from being classified as a billion-dollar economy into a trillion-dollar economy. Aside from that, cryptocurrencies are gaining visibility in the mainstream world with, for example, El Salvador's adoption of Bitcoin as the official digital currency. As a result, investors are looking for the "new Bitcoin" on the market, hoping to find a great alternative in so-called altcoins. Unfortunately, many traders value an altcoin exclusively…
Former US President Donald Trump remains stubbornly opposed to the digital asset ecosystem. In a recent interview, he called cryptocurrencies “a hazardous thing” while showing a strong preference for the US dollar. His stance against the industry puts him in rare agreement with Hillary Clinton, who believes that crypto threatens dollar hegemony.
Dollars Over Bitcoin, Says Trump
Trump re-established his disdain for cryptocurrency in conversation with Fox anchor Maria Bartiromo on Tuesday. She asked him about his thoughts on the industry, given how many politicians and regions in the US are trying to welcome it. The mayors of Miami and New York City were primary examples after choosing to accept paychecks in Bitcoin this November.
Furthermore, Trump’s wife appears to have no problems engaging with cryptocurrency, recently launching her NFT collection.
The former president wasn’t nearly as enthusiastic, however. He said he “never loved it” because he thinks the primary currency should remain the dollar, viewing alternatives as threatening.
“It’s spilling up bigger and bigger, and nobody’s doing anything about it,” he said. “I want a currency called the dollar!”
Trump recognized that crypto could be “an explosion someday,” more significant than big tech. However, he concluded that the overall technology is “dangerous”.
While Trump thinks crypto received too much freedom, members of the industry tend to disagree. For example, Coinbase has repeatedly shown frustration with the SEC for being uncooperative and unclear with their expectations. Hester Peirce – a commission member – agrees that they’ve been slow-moving and overly hostile.
Various investors and community members have also criticized the SEC for denying all Bitcoin spot ETF applications hawkishly. SEC chairman Gary Gensler has even stated that he views most cryptos as securities, presenting a looming threat to the space. That said, Bitcoin is not among them.
Trump and Clinton United VS Bitcoin
Despite being bitter political rivals during the 2016 election, both Trump and Clinton share remarkably congruent beliefs around crypto. The latter fears its threat to the dollar as the world reserve currency and that Russia could capitalize on it.
She wouldn’t be wrong: Vladimir Putin has shown interest in using Bitcoin or other cryptos as means of payment for international oil transfers. However, he thinks it’s still too nascent and volatile for such uses right now.
Many, including Jack Dorsey, already envision Bitcoin replacing the dollar – but are more optimistic about it.