Hillary Clinton warns cryptocurrency could destabilize nations and undermine dollar as global reserve currency

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Former presidential candidate Hillary Clinton urged nation states to “start paying more attention to the rise of cryptocurrency.” She warned that crypto could undermine the dollar’s role as the world’s reserve currency and could destabilize nations.

Hillary Clinton warns cryptocurrency poses risk to US dollar, stability of nations

Former Democratic presidential candidate Hillary Clinton spoke about cryptocurrency on Friday during a panel discussion at the Bloomberg New Economy Forum in Singapore.

While addressing a range of new challenges, including disinformation and artificial intelligence (AI), Clinton said, “Another area that I hope nation states begin to pay more attention to is the boom. of cryptocurrency.

The former secretary of state added:

What looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential to undermine currencies, undermine the dollar’s role as a reserve currency, destabilize nations, may -being starting with the small ones but going much bigger.

Clinton isn’t the only one who sees that the rise in popularity of cryptocurrency could hurt the US dollar. Former President Donald Trump has repeatedly stated that he dislikes cryptocurrency because it competes with the US dollar. “I don’t want other currencies to come out and hurt or degrade the dollar in any way,” he stressed.

In July of last year, world investment bank Goldman Sachs warned that “real concerns about the longevity of the US dollar as a reserve currency have started to emerge.”

Legendary fund manager Stanley Druckenmiller said in May: “I fear now for the first time that in 15 years we will lose reserve currency status and of course all the incredible benefits that come with it.

However, some people believe that crypto will not replace the dollar as the world’s reserve currency. Mohamed El-Erian, chief economic adviser at financial services firm Allianz, said this week that crypto “will still exist in the ecosystem but it will not be a global currency … It will not replace the dollar.”

What do you think of Hillary Clinton’s comments? Let us know in the comments section below.

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