Former US Presidential Candidate Says Cryptocurrency Could Undermine Dollar as World’s Reserve Currency
Former Democratic Presidential Candidate and Secretary of State Hillary Clinton, recently chipped in on the rising cryptocurrency during a virtual Bloomberg New Economy meeting. Speaking at the forum, Clinton claimed that the novel digital assets could undermine the potency of the U.S. dollar and its position as the world’s reserve currency.
She said that one area she hopes that nations pay close attention to is cryptocurrency and its tremendous rise. According to her, cryptocurrency may look like an exciting and exotic attempt to mine new coins for the Intent of trading them, but the fact is they could undermine the potential of currencies, the position of the USD as the reserve currency, which could destabilize nations in the process.
Clinton’s Sharp Take on Cryptocurrency
Clinton has never been a fan of cryptocurrency, but neither has she spoken ill about cryptocurrency until now. In the Bloomberg summit, the former 2016 presidential candidate poured it all out, criticizing cryptos and further stating that they pose a direct threat to the global market.
Clinton’s sharp critique of cryptos came as no surprise however, considering that she declined accepting Bitcoin donations during her 2016 campaign because she deemed them to be “too libertarian”. In 2018, she confirmed not owning any Bitcoin, reiterating her commitment to traditional banking.
Trump Joins Clinton As Crypto Critic
Former Donald Trump and Hillary Clinton may not have agreed on many things as political opponents, but the two agreed on one thing at last – cryptocurrency could destabilize the monetary market. Trump, who defeated Clinton in the 2016 presidential election, has had a disdain for digital assets, and has advocated for their ban or strict regulation because they could hurt the USD.
In an interview with Fox Business in June, Trump rubbished Bitcoin by calling it a scam. He said that he didn’t like it because it was competing against the dollar. He added that the dollar doesn’t have to own all the flagship cryptocurrency and should be the number one currency of the universe. He also criticized Facebook’s Libra in a tweet shared in 2019, because of its link to cryptocurrency.
While Clinton and Trump share a dislike for cryptocurrency, there are others in the political landscape that still identify themselves with them. Senator Rand Paul and Andrew Yang are amongst the numerous crypto-friendly people. The former in 2015 became the first candidate to vie for the seat of a president to accept Bitcoin. During his presidential race in 2020, Yang announced that he would be accepting crypto donations. Congressman Kelli Ward, amongst other congressional candidates during the 2020 presidential elections, showed support for cryptocurrency and is still involved with cryptocurrency.
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