Hillary Clinton is convinced that Bitcoin and cryptocurrencies risk undermining the role of the dollar.
The former US Secretary of State and 2016 presidential candidate against Donald Trump spoke about this during a panel with Bloomberg.
Summary
Hillary Clinton’s words on Bitcoin
Specifically, the wife of former US President Bill Clinton said:
“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”.
Remarkably, his thinking echoes that of his former opponent.
Donald Trump also seems to fear cryptocurrencies precisely because of their potential to undermine the stability of the US dollar.
What the US generally fears is that the rise of cryptocurrencies and their global character could supplant the globality of the dollar itself.
Reactions
Senator Cynthia Lummis responded to these words:
Great leaders do not fear the future. America could win the future by embracing Bitcoin as hard money that can be used to stabilize USD and undo the tailspin begun in 1971. https://t.co/cMkMGLwMWx
— Cynthia Lummis 🦬 (@CynthiaMLummis) November 20, 2021
“Great leaders do not fear the future. America could win the future by embracing Bitcoin as hard money that can be used to stabilize USD and undo the tailspin begun in 1971”.
Congressman Ted Budd also commented ironically:
GM to everyone besides Hillary Clinton, who has an outdated view of new financial technologies like #crypto & #Bitcoin.
I guess it makes sense. She still struggles with email. https://t.co/YR06LXL1Fo
— Senator Ted Budd (@SenTedBuddNC) November 19, 2021
“GM to everyone besides Hillary Clinton, who has an outdated view of new financial technologies like #crypto & #Bitcoin.
I guess it makes sense. She still struggles with email”.
Words referring to the email-gate that troubled Hillary Clinton’s election campaign in 2016.
The price of Bitcoin
The words of the former US Secretary of State were coldly received by the market. Bitcoin has been losing support (more psychological than technical) at $60,000 for days and is now trading at around $57,500 after bouncing back over the weekend.
Bitcoin was supported by other news, in particular from El Salvador. In the country that is the first in the world to accept Bitcoin as legal tender, a $1 billion bond will be issued to finance the construction of a Bitcoin City.
Like a dividing line: there are those who embrace the future and new technologies, like Nayib Bukele, and those who are committed to defending the existing, like Hillary Clinton.
The future will tell who is right.
