Donald Trump doubled down on his anti-Bitcoin stance and urged would-be crypto investors to hold the US dollar instead in a Fox interview on Tuesday.
The former US President said on Fox Business’ Varney & Co that cryptocurrency damages the dollar. Speaking to host Stuart Varney, he said cryptos are “a disaster waiting to happen.”
“They may be fake,” reasoned Trump. “Who knows what they are.”
Trump is apparently not so keen on Wall Street either. “I was never a big stock market person,” he claimed.
“If it goes the right way it’s good, if it goes the wrong way it’s not so good.”
Trump is an anti-Bitcoin broken record
Trump has remained consistent in his anti-Bitcoin shtick. But Varney’s questions ring a familiar bell.
Tuesday’s appearance is practically indistinguishable from an earlier Trump slot. In June, the pair swapped similar answers to almost identical questions.
Back then, Trump said Bitcoin “seems like a scam.”
The world’s largest cryptocurrency slipped over 8% shortly after.
Bitcoin also tumbled 10% following a 2019 Trump tweet, in which he said he was “not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air.”
However, anti-Bitcoin comments from the former President appear to have lost their power over crypto markets. At press time, the price of Bitcoin remained unaffected.
TrumpCoin is… outperforming Bitcoin?
While Trump continues to throw anti-Bitcoin shade, several supporters have set up cryptos in his name.
In 2016, Trump fans launched TrumpCoin, a cryptocurrency for “fellow patriots.”
According to its official website, TrumpCoin paves “the way into fundraising support of patriots worldwide who need support in their fight against corruption and tyranny.”
CoinGecko data shows TrumpCoin experienced a few price spikes over the years. It reached an all-time high of $2.92 in May last year — representing over 760,000% growth since its inception.
TrumpCoin now trades for a little over $0.05, having dropped 98% since its peak.
Then, there’s MAGACOIN.
According to its website, MAGACOIN was created by “America-first conservatives out of frustration with ‘losing the election,'” with a goal to fund political campaigns of future Make America Great Again-type candidates.
The crypto has no affiliation with either Trump or the Republican party, and it’s effectively worthless as it’s yet to list on any exchange.
In July, MAGACOIN’s website fell victim to a hacktivist, who exposed personal information of thousands of MAGACOIN holders who’d signed up for their free 100 tokens.
The security breach revealed MAGACOIN bonuses given to right-wing media personalities who helped to shill the project.
Anti-Bitcoin Trump aside, some in the former President’s orbit have endorsed crypto in the past.
Matthew Whitaker, the Trump administration’s acting attorney general, once sat on the board of a marketing firm that pitched a cryptocurrency for time travel.
Unsurprisingly, the Time Travel X cryptocurrency turned out to be a $26 million scam.
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