print-icon

Hillary Clinton Warns Crypto Can 'Destabilize Nations' And 'Undermine Dollar As Reserve Currency'

Tyler Durden's Photo
by Tyler Durden
Friday, Nov 19, 2021 - 10:45 AM

Nation destabilizer Hillary Clinton has warned that cryptocurrency has the potential to destabilize nations, and is undermining the role of the US dollar as the global reserve currency.

During a panel discussion at the Bloomberg New Economy Forum on Friday in Singapore, Clinton rattled off a list of technology-driven "asymmetric power centers" that threaten governments, including 'disinformation, artificial intelligence, and the rise of cryptocurrency,' according to Bloomberg.

"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," she said.

As Bitcoin Magazine's Alex McShane notes:

In describing this rather vague threat to nations and multinational corporations Hillary betrayed the fact that she doesn’t know the difference between Bitcoin and the separate asset class of cryptocurrencies. Many politicians don’t. The terms should not be used interchangeably.

Bitcoin assures anyone with internet access a decentralized, permissionless right to property that cannot be confiscated or censored by any government. No one on the Bitcoin network is forced to choose between updating their software or risk losing their wealth, it is backwards compatible. Bitcoin is a geographically agnostic personal sovereign wealth fund. The other thousands of cryptocurrencies are centralized and largely unregulated assets whose protocol can be changed at any time, thus, in crypto the threat of property confiscation persists. Bitcoin and crypto are completely different asset classes.

Therefore, when Clinton casually throws crypto in with her laundry list of threats to her political and economic worldview, she is categorically wrong. Cryptocurrencies cannot undermine fiat currencies or nation states outright, because what they offer is fundamentally the same as fiat, which is an asset that can and is debased by governance.

*  *  *

Clinton also criticized Russian President Vladimir Putin for deploying "a very large stable of hackers and those who deal in disinformation and cyberwarfare."

In 2017, Clinton blamed Russian interference along with questionable decisions by the Federal Bureau of Investigation for her loss the year before to Republican Donald Trump in the U.S. presidential election. She highlighted Russia’s role in hacking into her campaign’s internal emails and later coordinating their release on WikiLeaks. -Bloomberg

"With his oligarchic coterie he has utilized many non-state actors to personal as well as nationalistic goals, and I think that’s going to become a greater and greater threat," she said of the Russian leader, whose house Bill Clinton hung out at in 2010 right before the Uranium One deal - a trip during which the former President made a cool $500,000 speaking to a Russian bank.

Watch:

0