Hillary Clinton Argues That “Bitcoin Will Destabilize USD”

OVERVIEW

  • At a Bloomberg economic roundtable, Hillary Clinton discussed bitcoin mining and trading.
  • She expressed concern about the growth of new crypto technologies in the context of the United States’, China’s, and Russia’s tense relations.

Hillary Clinton is a critic of bitcoin, believing that widespread use might weaken existing currencies such as the dollar and destabilise countries large and small.

During a panel discussion at the Bloomberg New Economy Forum in Singapore on Friday, the former Democratic presidential candidate and Secretary of State delivered the remarks via webcast.

“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 reserveĀ currency, for destabilizing nations, perhaps starting with small ones but going much larger,” Clinton said.

Clinton’s remarks come as countries try to figure out how to regulate and utilise cryptocurrency.

After Clinton’s bold statement about Cryptocurrency, many big names thrashed her for making nuisance about new technology.

US Senator Cynthia Lummis said that “Great leaders don’t fear the future”, on microblogging site.

Famous Blockchain news Twitter page “Bitcoin Archive” thrashed Clinton with facts and allegations.

COUNTRIES STRUGGLING TO REGULATE VIRTUAL CURRENCY

China has outlawed the usage of cryptocurrencies for personal gain, as well as all cryptocurrency-related corporate activity.

Crypto-trading taxes will be harder under the newly passed $1 trillion US infrastructure plan. In the meantime, some poor countries are adopting cryptocurrency.

In September, El Salvador made bitcoin legal tender in the hopes of improving its economy, and Zimbabwe is considering doing the same.

Meanwhile, a new analysis by Chainalysis found that North America has become the world’s biggest victim of ransomware attacks. The side paid $131 million in bitcoin to criminals in only one year, despite the rapid surge of cryptocurrency adoption.

During the session, Clinton also discussed cybersecurity in relation to foreign disinformation efforts and cyberwarfare. It continues to represent a threat to the United States and other Western countries.

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