Former US Secretary of State and Democratic presidential candidate Hillary Clinton said digital assets could destroy the economies of many countries.
As Clinton noted during a panel discussion at the Bloomberg New Economy Forum in Singapore, governments today face many challenges, one of which is cryptocurrencies. She admits that the development of this new industry looks interesting, as well as “extraordinary” methods of mining cryptocurrencies for subsequent trading.
However, digital assets can undermine the US dollar’s role as a reserve currency and wreak havoc on smaller economies. As it develops further, cryptocurrencies can pose a threat to large and developed countries, Clinton is sure. Therefore, she urged governments and regulators to pay more attention to the oversight of the cryptocurrency industry.
Former US President Donald Trump is of the same opinion about cryptoassets. He believes that cryptocurrencies can undermine the independence of the dollar and bring the country’s financial system to a state of stagnation. In June, Trump called bitcoin a “cheat” and other cryptocurrencies “dummies,” saying their volatility prevents them from serving as real money.
However, not all American politicians are opposed to cryptocurrencies. For example, US Senator Cynthia Lummis believes that bitcoin can help people get through tough times of crisis if the country goes bankrupt due to government debt.
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