Former U.S. President opens up about China’s cryptocurrency politics and losing credibility.
Topic of Conversation
In between playing golf and asking federal judges in Florida for help to get his Twitter account back, former U.S. President Donald Trump has a busy schedule. He did manage to squeeze in an interview with Adam Shapiro and Yahoo Finance where one of the topics of conversation was cryptocurrency.
Sticking to His Guns
It’s no secret that Trump has never been a big fan of Bitcoin or any other type of cryptocurrency for that matter. Sticking to his guns, Trump offered more thoughts on his stance during the interview.
The latest crypto crackdown by the Chinese government was discussed and Trump was more than happy to share his thoughts on the matter. Considering his previous position, Trump does have some kind of a relationship with Chinese President Xi Jinping.
Shapiro asked the former U.S. President: “You have a relationship with the Chinese President Xi Jinping. What do you think Xi Jinping is up to? And is this crackdown on crypto good for the U.S.?”
“Well, I think he wants to do his own currency, whether it’s crypto or otherwise,” Trump responded.
We Have to Be Very Careful
Trump shared some of his own reasons for not jumping on the crypto bandwagon: “One of the reasons that we have to be very careful is we have a currency right now, the dollar. And I’m a big fan of the dollar. I’m a big fan of our currency.”
He continued: “I don’t want to have other currencies coming out and hurting or demeaning the dollar in any way. China is certainly not looking to back the dollar. But right now, they’re based on the dollar and they would probably have to stay that way unless we do something very foolish in our country.”
Start Losing Credibility
With all that has been going on lately, with the U.S. pulling the plug on Afghanistan etc, Trump is concerned that the country is losing credibility.
“If you look at a monetary system based on the dollar, if you start losing credibility, all of a sudden you’re going to lose that strong monetary system. And we have to be very careful about that.”
Get Ready for Digital Yuan
Don’t believe the grounds for China’s decision to crack down on crypto is because they are against digital currency. Au contraire. One of the biggest reasons is to pave the way for the country’s own Central Bank Digital Currency (CBDC), also known as the digital Yuan.