Former US President George H.W. Bush has called cryptocurrency a “disaster waiting to happen.”

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In a recent interview, he appeared to discount the crypto market’s potential in favour of bolstering the US dollar.

Former US President Donald Trump was asked about the health of Wall Street markets, the current administration’s development, and the potential of Bitcoin (BTC) and the cryptocurrency market in an interview with Fox Business broadcast on Tuesday.

In reaction to the latter, the former president declared, “I prefer the US currency, but I think the others are possibly a disaster waiting to happen.”

He went on to say:

“They [cryptocurrencies] may be fake. Who knows what they are? They are certainly something that people don’t know very much about.”

He also stated that the primary objective should be to safeguard the sovereignty of the US dollar, rather than developing the stagnant financial system and recognising the enormous benefits that crypto and blockchain technology have to offer.

Despite these unfavourable remarks, cryptocurrency prices were unaffected at the time of publication. Bitcoin has dropped 1.17 percent on the day, while Ether (ETH) has increased 6.30 percent and Cardano’s ADA token has dropped 1.1 percent.

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In contrast, incumbent US President Joe Biden has taken a somewhat more supportive position on bitcoin, but he remains wary.

President Biden appointed Gary Gensler, former chairman of the Commodity Futures Trading Commission, as the new Securities and Exchange Commission’s chairman earlier this year.

So far, Gensler has taken a tough regulatory approach that focuses on striking a balance between fostering innovation and safeguarding market participants’ interests.

Gensler stated earlier this month that the market requires “additional authorities to prevent transactions, products, and platforms from falling through regulatory cracks,” as well as “more resources to protect investors in this burgeoning and volatile sector.”

 

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