Hillary Clinton says countries should worry about the rise of cryptocurrencies
Hillary Clinton, a former US presidential candidate with the Democratic Party, has criticized cryptocurrencies, stating that they posed a danger to financial stability. According to Clinton, cryptocurrencies had the power to weaken the state of the economies of different countries.
Clinton gave these remarks during a forum meeting with the Bloomberg New Economy on November 19, stating that governments were facing a myriad of challenges.
Cryptocurrencies can destabilize nations
In the forum, Clinton stated that “One more area that I hope nation-states start paying greater attention to is the rise of cryptocurrency – because what looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations, perhaps starting with small ones but going much larger.”
Clinton was a former US presidential candidate with the Democratic Party in 2016. However, she lost the elections after her margins started dropping as the election neared, and later, Donald Trump emerged as the winner of the 2016 elections.
Clinton’s comments are also similar to those of former US President Donald Trump. Trump has previously stated that Bitcoin was a “scam” and unnecessarily competed with the US dollar. According to Trump, the American dollar was supposed to be the currency of the world. He also stated that Bitcoin was a “disaster waiting to happen.”
Other American politicians are supporting crypto
While Clinton and Trump have failed to show support for cryptocurrencies, other US politicians have been quick to show support for this asset class and ensure that they can turn the regions they represent into major crypto hubs.
Among those supporting Bitcoin and cryptocurrencies, in general, include the mayor of Miami, Francis Suarez, who has stated that he will take his next paycheck in Bitcoin. The mayor of New York, Eric Adams, has also announced a similar move, even proposing that crypto should be taught in schools.
The US is also becoming a major crypto hub since trading and mining activities were banned in China. In terms of mining, the US currently accounts for the highest crypto mining rate.
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