Former presidential candidate Hillary Clinton has urged nation-states to “start paying greater attention to the rise of cryptocurrency.” She warned that crypto could undermine the role of the dollar as the world’s reserve currency and could destabilize nations.
Hillary Clinton Warns Cryptocurrency Poses Risk to US Dollar and Nations’ Stability
Hillary Clinton was the former Democratic presidential candidate and spoke on Friday about cryptocurrency in a panel discussion held at Bloomberg New Economy Forum, Singapore.
While addressing a range of new challenges, including 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.”
He also stated:
The very exotic and interesting idea of literally mining new coins for trade is a great way to undermine currencies. It also has the potential to weaken the dollar’s reserve role.
Clinton is not alone in recognizing that rising popularity of cryptocurrency can be detrimental to the U.S. currency. Trump, the former President of the United States, has stated on numerous occasions that cryptocurrency is not something he likes because it challenges its currency. “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 warned that the “Real concerns around the longevity of the U.S. dollar as a reserve currency have started to emerge.”
Legendary 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 of course all the unbelievable benefits that have accrued with it.”
However, some people believe that crypto will not replace the dollar as the world’s reserve currency. Mohamed El-Erian, chief economic advisor at financial services company Allianz, 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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