The American politician and former Democratic presidential candidate – Hillary Clinton – warned that the rise of bitcoin and the alternative coins could have a negative impact on the world’s economy.
Crypto Is Dangerous
The first lady of the United States for 1993-2001 as the wife of President Bill Clinton – Hillary Clinton – doesn’t seem fascinated with digital assets and their implementation in the global financial network. In a recent panel discussion at the Bloomberg New Economy Forum in Singapore, she opined that today’s world faces new challenges: disinformation, artificial intelligence, and cryptocurrencies.
According to her, digital assets had grabbed the public’s attention due to their “interesting and somewhat exotic” nature. However, they present a threat to the US dollar. Clinton went even further, claiming that their adoption can destabilize whole nations:
“One more area that I hope nation-states start paying greater attention to is the rise of cryptocurrencies – because what looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations, perhaps starting with small ones but going much larger.”
Hillary Clinton was the Democratic ticket for a President of the United States of America in the 2016 Presidential election. She led in almost every swing state during the campaign, with some experts predicting a definite victory in her favor. However, as the election neared, her margins decreased, and in the end, Donald Trump – the representative of the Republican Party – became the 45th President of the United States.
Trump Is Not a Fan of Crypto Either
Speaking of the former US leader, it is worth noting that his opinion is somewhat similar to the one Clinton shared.
In June this year, Trump called bitcoin a “scam” as he did not like how it competes against the American dollar. According to him, the US national currency should keep its hegemony:
“Bitcoin just seems like a scam… I don’t like it because it is another currency competing against the dollar… I want the dollar to be the currency of the world, that is what I have always said.”
A few months later, he doubled down on his negative stance, saying that investing in crypto is “potentially a disaster waiting to happen.” Trump once again opined that bitcoin could harm the American dollar urging the watchdogs to regulate it:
“I think they should regulate them very, very high. It takes the edge of the dollar and the importance of the dollar.”
Featured Image Courtesy of Daily Sabah