‘Undermine the Dollar’: Hillary Clinton Issues Crypto Surprise Warning As El Salvador Helps Bitcoin Price Suddenly Rise

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Bitcoin and cryptocurrencies have taken off this year, with bitcoin now owned by Elon Musk’s Tesla and adopted as the national currency by El Salvador.

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The price of bitcoin, after falling sharply earlier this week, has recovered some of its earlier losses, falling back to $ 60,000 per bitcoin and helping the broader crypto market recover. The price of bitcoin has risen 200% from the same period last year, propelling the combined crypto market cap to nearly $ 3 trillion.

Now Hillary Clinton, the former U.S. presidential candidate and Secretary of State to President Barack Obama, has warned that the rise of bitcoin and cryptocurrencies could undermine the reserve currency status of the U.S. dollar.

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MORE FROM FORBESA Legendary billionaire market maker released serious bitcoin price warning and bold Ethereum predictionBy Billy Bambrough

Hillary Clinton is the latest high profile politician to warn of the rise of bitcoin and … [+] cryptocurrencies and their potential effect on the wider financial system.

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“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, maybe starting with the small ones, but go much deeper, ”said Clinton, speaking at a panel discussion at the Bloomberg New Economy Forum in Singapore, and adding that she hopes“ nation states will start. to pay more attention to the rise of cryptocurrency ”.

Clinton, whose 2016 presidential campaign was marred by hacks, also criticized Russian President Vladimir Putin, accusing him of deploying “a very large stable of hackers and those dealing with disinformation and cyber warfare.” .

Recent data from Chainalysis revealed that North America is the world’s biggest victim of crypto-based ransomware attacks, with hackers paying criminals $ 131 million in cryptocurrency over a 12-month period . Most of the attacks came from Russian-based gangs.

Following Clinton’s comments, Salvadoran President Nayib Bukele announced that the country was planning to build a “Bitcoin City,” initially funded by bitcoin-backed bonds.

In September, El Salvador became the first country in the world to officially adopt bitcoin as legal tender and now uses it alongside the US dollar as its national currency. Other countries in the region are planning to follow in El Salvador’s footsteps. Earlier this month, it was reported that Zimbabwe was studying the adoption of cryptocurrencies as a means of payment.

“This is going to make El Salvador the financial center of the world,” said Samson Mow, chief strategy officer at blockchain technology provider Blockstream, speaking alongside Bukele at an event closing a week of bitcoin promotion. in El Salvador.

News of El Salvador’s plans for a bitcoin city, designed to boost investment in the country, helped the bitcoin price rise after a turbulent week.

The price of bitcoin fell 20% through mid-November, falling to a low of around $ 55,000 per bitcoin after hitting a record high of nearly $ 69,000 in anticipation of a price upgrade. closely watched bitcoin being deployed.

The price of bitcoin has soared 200% over the past year, aided by the adoption of Elon … [+] Musk’s Tesla and the country of El Salvador.

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Countries around the world are already wondering how to harness the hot bitcoin and crypto market.

In the United States, President Joe Biden this week enacted a massive infrastructure bill that includes tough new tax reporting requirements for bitcoin and crypto companies. Starting in 2023, brokers will be required to submit client names, addresses, phone numbers, capital gains and losses to the Internal Revenue Service, while businesses receiving crypto payments worth more than $ 10,000 will be required to submit declare the identity of the sender to the government.

Earlier this week, Indian Prime Minister Narendra Modi called on countries to work together to prevent cryptocurrencies “from ending up in the wrong hands.”

India plans to ban the use of bitcoins and cryptocurrencies for payments, but will allow digital assets to be owned and traded in the same way stocks and bonds do, according to local media.

A complete ban on bitcoin and cryptocurrencies in China was in part blamed on a devastating bitcoin price and a wider crash in the crypto market earlier this year.

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