At an online address at the Bloomberg New Economy Conference, former Secretary of State Hillary Clinton expressed concern about the emergence of cryptocurrencies. She suggested that they might threaten the position of the United States Dollar as the globe’s reserve commodity and destabilize countries. She stated:
“The rise of cryptocurrencies such as Bitcoin is another area in which I hope nation-states begin to give more consideration. Because what appears to be a very intriguing and exotic attempt to essentially mine new coins to trade with them has the prospects of destabilizing nations, subverting currencies, and diminishing the position of the American Dollar as a reserve currency.”
Claims that cryptocurrency presents a direct danger to global currency markets made by Hillary Clinton, the Democratic presidential contender in the 2016 presidential election, got mixed views. Some feel her statements might be seen as an advertisement for cryptocurrencies by their enthusiastic supporters.
“You can envision that crypto enthusiasts would put this on their billboard ads: “Has the potency to destabilize nations”-Hillary Clinton”
This is the first instance that the previous first lady of the United States has expressed a strong opinion about cryptocurrency. When asked a series of rapid-fire questions in September 2018, she merely stated that she did not hold any Bitcoin. According to an email obtained by Wikileaks in 2016, the concept of accepting Bitcoin payments was denied by senior Clinton campaign officials. They considered it to be “too libertarian,” per the email.
One Point Of Agreement Between Clinton And Trump
One of the relatively few topics on which Clinton and past President Donald Trump concur is that cryptocurrencies have a disruptive influence on the financial system. Trump, who in 2016 pulled off one of the most stunning electoral upsets in American history by upsetting the previous Democratic candidate, has been outspoken about his distaste for cryptocurrencies and other digital currencies.
In a June interview with Fox Business, Trump went so far as to term Bitcoin a “scam,” according to media reports. While appearing on Yahoo Finance in October, he reiterated his criticism of other currencies, stressing that the United States currency should not be denigrated by any other asset. He stated that he is a strong supporter of the United States Dollar and that he does not want foreign currencies to enter the market and harm or devalue the Dollar in any manner.
He believes that the United States currency should be the planet’s currency, but he also believes that the United States does not have to hold all of the world’s Bitcoins floating about. Donald Trump has also advocated for tighter regulation of cryptocurrencies. He stated that he believes they should be regulated at an extremely high level and that the USD should remain the major currency.