December 5, 2022

Why Hillary Clinton Thinks Bitcoin Undermines The U.S. Dollar

3 min read

At the Bloomberg New Economy Conference, former U.S. Secretary of State and Presidential Candidate Hillary Clinton spoke about Bitcoin and its potential to set off a change in the international economy and its world order.

Associated Reading|Mining Stocks Outperform Bitcoin As Miner Profits Continue To Rise

In a panel comprised of former U.K. Primer Minister Tony Blair, India’s Minister of External Affairs, Subrahmanyam Jaishankar, and Clinton, the participants spoke about the probability of a new Cold War between China and the U.S., and “humanity’s typical enemies”.

Clinton, like lots of other U.S. leading government authorities, believes the cryptocurrency poses a hazard to the United States and its currency, the U.S. dollar. The previous Secretary of State noted Bitcoin and cryptocurrencies as one of the risks of the coming decade.

In a list, comprised of disinformation to unbalance nation-states, worldwide warming, and expert system, Clinton thinks cryptocurrencies are more than a “really fascinating and unique effort to mine”.

Bitcoin and cryptocurrencies, as Clinton said, have the potential to undermine entire countries, and specifically to possibly render the U.S. dollar obsolete as the international reserve currency. These possessions might be used by those countries, such as Russia, as obstacles versus the interest of the U.S. and its allies.

In this vision presented by Clinton, bad stars utilize non-state resources to “pursuit individual and rationalistic goals”. The Former Secretary of State could be describing hacker groups and other types of illicit activities back by Russia and other countries.

These companies utilized their technological capabilities to target business and institutions in the Western Hemisphere, to demand Bitcoin and crypto payments. Hence, Clinton appears to appreciate China’s technique to cryptocurrencies and believes other countries must take the same technique, to put it simply, a full-on ban on these assets:

It looks like though China is going to avoid outside technology payment systems, like the cryptocurrencies development, from playing a huge function inside China. I believe they recognize, offering their nationalism, maybe earlier than other nations, that this might be a direct danger to sovereignty.

Bitcoin To Destabilize The World?

The former U.S. government authorities continued providing her hypothetical situation where Bitcoin and cryptocurrencies could must they fall “in the incorrect hands”, possibly damage entire nation-states. In addition, the supposed mayhem could extend to the entire “worldwide currency market”.

The Bitcoin and the crypto neighborhood reacted with mixed sensations. Some believe that BTC is lastly getting the acknowledgment it should have and that Clinton’s words are a type of legitimation.

On the other hand, others believe the Former U.S. Secretary of State and First Lady lost out on the innovation and improvements that cryptocurrencies might facilitate in the legacy monetary system.

Other U.S. government authorities, including the present FED Chair Jerome Powell and the Secretary of the Treasury Janet Yellen, have called Bitcoin a “speculative attack on the dollar”. The nation seems to be ending up being more hostile towards the crypto market, however only time will tell if it follows Clinton’s recommendation and takes a similar stand to China’s.

Related Reading|Inflation worries triggers Bitcoin rally before Taproot– Crypto Roundup, Nov 15, 2021

Since press time, Bitcoin (BTC) trades at $58,000 as it recovers from of its most bloody days in 2021.

BTC bounces from $ 55,600 in the 4-hour chart. Source: BTCUSD Tradingview