Former United States President Donald Trump had some fierce words for the Biden Administration and its management of the currency shortly after being arrested on Tuesday.
The ex-President predicted that the U.S. dollar will likely lose its status as the world reserve currency as it continues to collapse.
Trump’s Arrest and Warning
Trump turned himself in to authorities on Tuesday afternoon after being indicted on 34 felony counts of falsifying business records last Thursday. The billionaire was allegedly involved in making hush money payments to porn star Stormy Daniels, attempting to conceal the affair ahead of his 2016 presidential election.
After pleading not guilty to all charges in a Manhatten court shortly before 3:30 ET, Trump returned to his Mar-a-Lago club in Florida and delivered a fiery speech in which he aired grievances, denied claims against him, and blasted his political opponents.
“We are a nation in decline, and now these radical left lunatics want to interfere in elections by using law enforcement,” said Trump. He tied in claims that the 2020 U.S. Presidential election was rigged against him, and promises to “make America great again,” despite the “very dark cloud” hanging over the country.
Among those claims were predictions of doom for the worldwide supremacy of the U.S. dollar, pitting the nation’s record-high inflation and recent bank failures on the Biden administration’s policies.
“Our currency is crashing and will no longer be the world standard, which will be our greatest defeat, frankly, in 200 years,” he said. “That will take us away from being even a great power.”
The Federal Reserve rapidly tightened its benchmark interest rate last year to quell inflation that peaked as high as 9.1% in June 2022. This followed a two-year period of record low 0.25% interest rates that began under the Trump administration, though some believe profligate spending from the Biden administration also contributed to soaring prices.
Bitcoin-supportive Republican senator Cynthia Lummis has previously blamed inflation and compounding government debt on irresponsible fiscal policy from both political parties. “Thank god for Bitcoin and other digital currencies that transcend the irresponsibility of governments – including our own,” she said at the time.
Not a Bitcoin Fan
While bearish on the U.S. dollar, that doesn’t mean Trump is bullish on Bitcoin. He has repeatedly blasted it and other cryptocurrencies as “scams” that should be regulated so that they do not “take the edge off of the dollar and the importance of the dollar.”
That said, Trump seemingly has no problem with NFTs, through which both he and his wife have raised money by launching their own personalized collections. After his arrest, sales of the former President’s digital art quickly multiplied.