Hillary Clinton thinks cryptocurrency has the power to undermine traditional currencies
The global economy is going paperless and moving towards a digital ecosystem with cryptocurrency and money transfers. While the crypto market is rapidly growing, one person who feels some trepidation is Hillary Clinton, the former U.S. democratic presidential candidate.
Speaking at the Bloomberg New Economy Forum in a video panel discussion about the power of Bitcoin and cryptocurrencies, Clinton said, “What looks like a very interesting and exotic effort to mine new coins in order to trade with them has the potential for undermining currencies, undermining the role of the dollar and the reserve currency.”
Her comments come as cryptocurrencies are becoming an increasingly common method of payment and investment, providing a powerful alternative to more traditional currencies.
While Clinton may be worried about the power of decentralized digital money, there are many notable names who say cryptocurrency may actually lead to increased stability in the U.S. dollar.
Michael Saylor, CEO of MicroStrategy, said his company is going to “keep stacking Bitcoin forever” and said on his Twitter feed, “Bitcoin is making the dollar stronger and gold weaker.”
In September, El Salvador became the first country in the world to officially adopt Bitcoin as legal tender and now uses it alongside the U.S. dollar as its national currency.
Twitter co-founder and former CEO Jack Dorsey believes that Bitcoin will be the “single currency” of the internet in the near future.
Cryptocurrency around the world
In less than 10 years, cryptocurrency has gone from a fringe curiosity into a globally traded asset.
Through the use of blockchain technology, cryptocurrencies are inherently protected from tampering and protect users from fraud and identity theft. Additionally, the decentralized nature of cryptocurrencies enable anyone with an internet connection to access their funds regardless of their access to a bank, or reliance on a stable government.
Some of the biggest companies in the world are now harnessing the powerful blockchain technology to develop novel solutions to challenges. Elon Musk (Tesla and Space X), Richard Branson (Virgin) and Jack Dorsey (Twitter) have all voiced support for cryptocurrency and its wider adoption.
Despite some of the musings of influential personalities, cryptocurrencies have and will continue to play a key role as a financial tool in the world’s economies, and blockchain technology will continue to be used to address emerging challenges in our increasingly paperless world.
Cryptocurrency is here to stay and it’s not too late to get in on the ground floor! You still have the chance to invest a little today and watch your investment grow exponentially.
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