Why Hillary Clinton thinks Bitcoin is undermining the US dollar

Former US Secretary of State and Presidential candidate Hillary Clinton at the Bloomberg New Economy Conference he said about Bitcoin and its potential to bring about change in the global economy and its world order.

In a panel made up of former UK Prime Minister Tony Blair, Indian Foreign Minister Subrahmanyam Jaishankar and Clinton, participants spoke about the likelihood of a new Cold War between China and the United States and about “the common enemies of humanity.”

Clinton, like many other top US government officials, thinks that the cryptocurrency poses a threat to the United States and its currency, the US dollar. The former foreign minister cited Bitcoin and cryptomens as one of the dangers of the coming decade.

In a list of disinformation to nation imbalances, global warming, and artificial intelligence, Clinton believes that cryptocurrencies are more than “a very interesting and exotic mining effort.”

As Clinton said, bitcoins and cryptocurrencies have the potential to undermine entire countries and, in particular, can cause the US dollar as a global reserve currency to become obsolete. These assets could be used by these states, such as Russia, as a barrier against the interests of the United States and its allies.

In this vision presented by Clinton, the evil actors use non-state resources to “pursue personal and rationalist goals.” The former foreign minister could mean hacker groups and other forms of illegal activity by Russia and other countries.

These organizations have used their technological capabilities to target companies and institutions in the Western Hemisphere to demand bitcoins and cryptoplatments. Clinton therefore seems to admire China’s approach to cryptocurrencies and believes that other countries should take the same approach, in other words a total ban on these assets:

China seems to be about to prevent external technological payment systems, such as the development of cryptocurrencies, from playing a major role in China. I think they realize, giving their nationalism, perhaps more like other nations, that this could be a direct threat to sovereignty.

Bitcoin destabilizes the world?

The former US government official continued to present her hypothetical scenario, according to which bitcoin and cryptocurrencies could fall “into the wrong hands” and potentially destroy entire nation states. In addition, the alleged chaos could spread to the entire “global currency market”.

Bitcoin and the crypto community reacted with mixed feelings. Some believe that the BTC is finally getting the recognition it deserves and that Clinton’s words are a form of legitimacy.

On the other hand, others believe that the former US Secretary of State and the First Lady have missed innovations and improvements that could make cryptocurrencies easier in the old financial system.

Other U.S. government officials, including current Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen, have called Bitcoin a “speculative attack on the dollar.” The country seems to be becoming more hostile to the crypto-industry, but only time will tell if it will follow Clinton’s recommendation and take a similar stance as China.

At the time of printing, bitcoin (BTC) is trading at $ 58,000 as it recovers from the bloodiest days in 2021.

BTC bounces off $ 55,600 in the 4-hour chart. Source: BTCUSD business view