Former United States Secretary of State, Hillary Clintonstated at the Bloomberg New Economy Forum that Bitcoin has the potential to weaken the dollar as a global reserve currency.
Participating in the Bloomberg panel, she expressed her concerns about the growing impact of cryptocurrencies on the financial scene, emphasizing the need for greater attention from governments to the rapid advancement of digital assets, highlighting their potential to become national currencies destabilize and challenge the dollar as a reserve. currencies and affect the stability of nations.
“The rise of cryptocurrencies, which at first glance seems like a very interesting and somewhat exotic attempt to literally mine new currencies to trade them, has the potential to destabilize currencies, weaken the role of the dollar as a reserve, destabilize and perhaps even starting with the little ones, but going much further”Clinton said.
It is worth remembering that the concept of de-dollarization involves various entities seeking to reduce their dependence on the US dollar in international trade and finance.
To achieve this, countries are turning to alternative currencies or assets, a move currently being promoted by the BRICS. In this case, Clinton is trying to shift the focus to Bitcoin, arguing that it is now the main driver of the global dedollarization agenda.
says Hillary Clinton #bitcoin “has the potential to undermine the dollar as a reserve currency” pic.twitter.com/oG0dSt9DK6
— Documenting ₿itcoin 📄 (@DocumentingBTC) February 10, 2024
Governments must take action
Clinton called for coordinated action among countries to address the risks associated with cryptocurrencies, emphasizing the importance of understanding and integrating this new technology into the global financial system in a way that maintains economic stability and security.
The former presidential candidate also spoke of the need for careful regulation and a joint approach between countries to avoid negative consequences, especially for the most vulnerable economies.
Clinton’s statement resonates at a time when the debate over cryptocurrency regulation is heating up around the world. Governments and financial institutions are increasingly concerned about the implications of cryptocurrencies for money laundering, terrorist financing, tax evasion and financial stability.
Meanwhile, Galaxy Digital CEO Mike Novogratz disagreed with Hilary Clinton and stated that Bitcoin is not responsible for global de-dollarization. He said he believes the only thing that can weaken the dollar is reckless spending by Republican and Democratic politicians.
He went on to say that former US President Trump and current Joe Biden have normalized huge deficits, adding that they have pushed Americans into the worst budget crisis ever.
“Don’t blame Bitcoin. It is a bulletin on fiscal responsibility,” stated the CEO of Galaxy Digital.
The only thing that can undermine $ as a reserve currency is reckless spending by BOTH parties. Trump and Biden have normalized massive deficits and put us in the worst budget crisis of my lifetime. Don’t blame $BTC. It’s a report card on fiscal responsibility. https://t.co/YoNmVctI7D
— Mike Novogratz (@novogratz) February 10, 2024
Users on Twitter/X agree with Novogratz, with some saying Clinton’s sentiment is a lack of accountability on both sides.
Instead of focusing on blaming Bitcoin for de-dollarization, user
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
