Former US Secretary of State and Democratic presidential candidate Hillary Clinton has become the latest politician to air their worry about cryptocurrencies and their potential impact on countries. She claimed that cryptos have the power to destabilize nations and their currencies.
She made this statement while speaking via video at a panel discussion held today as part of the Bloomberg New Economy Forum in Singapore. Clinton stated that cryptocurrencies have the potential to undermine the US Dollar as the global reserve currency.
Clinton added that “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.”
The US Dollar is the global reserve currency, but cryptocurrencies continue to grow in popularity. Cryptocurrencies have made it easier for people to send and receive money from all parts of the world. Sending money via cryptocurrencies is also cheaper and faster.
Crypto Market Cap Could Grow Bigger
What started with Bitcoin 12 years ago has become a $3 trillion industry. The cryptocurrency space continues to grow and evolve and now involves various sectors, including decentralized finance, NFTs, metaverse and more.
Bitcoin reached a new all-time high above $69k a few days ago but has retraced since then. At press time, Bitcoin is trading below $58 per coin, down by nearly 20% from the all-time high achieved more than a week ago.
Clinton’s remarks came after India’s Prime Minister Narendra Modi pointed out that he was worried about cryptocurrencies in a virtual address he gave at the Sydney Dialogue. According to Modi, democratic nations need to work together to ensure that the crypto space doesn’t end up in the wrong hands.