Why Hillary Clinton Thinks Cryptocurrency Could Destabilize Nations
Former American presidential aspirant and member of the Democratic party Hillary Clinton has advised nations to start paying attention to the rise of cryptocurrency. Clinton says that Crypto could undermine the position of the dollar as the world's reserve currency. She further argued that this could destabilize nations.
Cryptocurrency Could Destabilize Nations
The American politician talked about cryptocurrency on Friday 19,Nov 2020. They were on a panel discussion at the Bloomberg New Economy Forum in Singapore. Clinton generally addressed a range of new challenges. Additionally, she talked about disinformation and artificial intelligence (AI).
Clinton said, “One more area that I hope nation-states start paying greater attention to is the rise of cryptocurrency.”
The former Secretary of State added:
"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"
It's not only Hillary Clinton who is disturbed
Clinton is not the only personality seeing that the rise in popularity of cryptocurrency is a threat to the dollar. Immediate former U.S president Donald Trump has reportedly talked about it on several occasions. Trump says that he does not like cryptocurrency since it competes with the U.S dollar. “I don’t want to have other currencies coming out and hurting or demeaning the dollar in any way,” he stressed.
In July last year, global investment bank Goldman Sachs talked about concerns of the longevity of the U.S dollar. “Real concerns around the longevity of the U.S. dollar as a reserve currency have started to emerge.”
Legendary moneybag and fund manager Stanley Druckenmiller said in May: “I’m worried now for the first time that within 15 years we lose reserve currency status and all the unbelievable benefits"
Some people however believe that Crypto doesn't have anything to do with changing the dollar as the reserve currency. Mohamed El-Erian, is the chief economic advisor at financial services company Allianz. He said this week that crypto “will always exist in the ecosystem but it’s not going to be a global currency. It’s not going to replace the dollar.”
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