Hillary Clinton isn’t crazy about crypto. The failed presidential candidate and former Secretary of State under Obama believes that widespread adoption of crypto could have heavy repercussions on the world of traditional finance and “undermine traditional” currencies like the U.S. dollar.
Hillary Clinton Is Not a BTC Believer
In an interview, she comments:
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.
Her worries centering around crypto – claiming it could undermine fiat and blast the world of traditional finance out of the water – suggests how little she really knows about it. The truth is that blasting traditional finance away and undermining fiat is, on a basic level, exactly what crypto was designed to do, so the fact that she’s worried about it tells us that crypto is apparently doing its job and she probably doesn’t quite get it.
Right now, we should arguably want crypto to do its job. With widespread inflation spreading throughout America and many other nations thanks to incompetent leaders, currencies like the dollar aren’t doing so hot. In fact, ever since the coronavirus pandemic first entered the foray and began attacking the global economy, many have turned to digital currencies like bitcoin as a means of keeping their finances stable.
But it wasn’t just the pandemic that caused this newfound attitude towards BTC to take hold. Many politicians around the world voted to increase stimulus measures as a means of keeping people afloat as businesses and companies everywhere temporarily closed their doors. People needed money to pay bills and keep their families fed, and for many leaders, stimulus measures proved to be the answers we all needed. This is arguably where the trouble began, as the present inflation we’re witnessing began here.
With so many people turning to bitcoin, it has entered more legitimate territory over the past two years and is now serving a far greater purpose than something that would have just remained speculative. Unfortunately, many economists arguably do not view cryptocurrencies the way they should. One example is John Reed Stark, who worked with the Securities and Exchange Commission (SEC) for 11 years in the Office of Internet Enforcement.
Some Agree with Her
He stated how much he agreed with the concerns expressed by Clinton and said:
The investment in cryptocurrency goes against every basic rule of investor protection. Bitcoin and other cryptocurrencies trade on platforms that don’t have any of the safety mechanisms that traditional exchanges have.
In her interview, Clinton also discussed cybersecurity issues and some of the other pertinent technological threats countries like the U.S. are currently facing.