Hillary Clinton predicts cryptocurrency could destabilize nations and undermine the dollar as the world’s reserve currency

Alabama Securities Regulator closes 97 sites cryptocurrency scams

While addressing a range of new challenges, including disinformation and artificial intelligence (AI), Clinton said, “One more area that I hope nation-states start paying greater attention to is the rise of cryptocurrency.”

Previous Democratic presidential competitor Hillary Clinton discussed digital currency Friday during a board conversation at the Bloomberg New Economy Forum in Singapore. Clinton isn’t the just one seeing that the ascent in fame of cryptocurrency could hurt the U.S. dollar. Previous President Donald Trump has said on a few events that he doesn’t care for cryptocurrency since it contends with the U.S. dollar. “I don’t want to have other currencies coming out and hurting or demeaning the dollar in any way,” he focused. In July last year, global investment bank Goldman Sachs warned that the “Real concerns around the longevity of the U.S. dollar as a reserve currency have started to emerge.”

The former Secretary of State added: 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.

Legendary fund manager Stanley Druckenmiller said in May: “I’m worried now for the first time that within 15 years we lose reserve currency status and of course all the unbelievable benefits that have accrued with it.”

However, some people believe that crypto will not replace the dollar as the world’s reserve currency. Mohamed El-Erian, chief economic advisor at financial services company Allianz, said this week that crypto “will always exist in the ecosystem but it’s not going to be a global currency … It’s not going to replace the dollar.”

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