Former presidential candidate Hillary Clinton urged the nation-state to “be more concerned about the rise of cryptocurrencies”. She warned that cryptocurrency may weaken the role of the U.S. dollar as the world’s reserve currency and may destabilize countries.
Hillary Clinton warns that cryptocurrencies pose risks to the U.S. dollar and national stability
Former Democratic presidential candidate Hillary Clinton talked about cryptocurrencies in a panel discussion at the Bloomberg New Economic Forum in Singapore on Friday.
In response to a series of new challenges including disinformation and artificial intelligence (AI), Clinton said: “I hope that another area where nation-states will begin to pay more attention is the rise of cryptocurrency.”
The former Secretary of State added:
It seems very interesting and a bit exotic, literally mining new coins in order to trade with them has the potential to destroy currency, undermine the role of the dollar as a reserve currency, undermine the stability of the country, maybe starting from a small country, but much larger .
Clinton is not the only one who believes that the popularity of cryptocurrencies may harm the U.S. dollar. Former President Donald Trump has repeatedly stated that he does not like cryptocurrency because it competes with the U.S. dollar. “I don’t want other currencies to appear and harm or devalue the U.S. dollar in any way,” he said emphasize.
Last July, the global investment bank Goldman Sachs warn “Real concerns about the long-term nature of the U.S. dollar as a reserve currency have begun to emerge.”
Legendary fund manager Stanley Druckenmiller Said May: “For the first time now, I am worried that we will lose our reserve currency status in 15 years, and of course all the incredible benefits that come with it.”
However, some people believe that encryption will not replace the U.S. dollar as the world’s reserve currency. Mohamed El-Erian, Chief Economic Advisor of Financial Services Company Allianz, Said This week, cryptocurrency “will always exist in the ecosystem, but it will not become a global currency…it will not replace the U.S. dollar.”
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