Hillary Clinton, former Democratic presidential candidate, spoke about cryptocurrency Friday at a panel discussion at Bloomberg New Economy Forum in Singapore.
Clinton addressed a variety of new challenges including artificial intelligence (AI) and disinformation. However, Clinton stated that ‘one more area I hope nation-states begin paying greater attention is the rise in cryptocurrency.
The former Secretary to State also added:
It seems like an interesting and exotic endeavor to literally mine coins to trade with them. This could lead to the undermining of currencies, the loss of the role the dollar has as the reserve currency, and the destabilization nations.
Clinton isn’t the only one who sees that cryptocurrency’s popularity could be a problem for the U.S. dollar. Trump, the former President, has stated several times that he doesn’t like cryptocurrency because it competes with the U.S. Dollar. He stated that he didn’t want other currencies to hurt or devalue the dollar.
Global investment bank Goldman Sachs warned in July that ‘Real concerns about the durability of the U.S. Dollar as a reserve currency are starting to emerge’
Stanley Druckenmiller , legendary fund manager, saidin May that he was worried that within 15 years, he would lose his reserve currency status. This is in addition to all the incredible benefits that it has brought.
Some people think that crypto will not replace USD as the world’s reserve money. Mohamed El-Erian is chief economic advisor to financial services company Allianz. He stated this week crypto “will always exist within the ecosystem, but it’s never going to be a worldwide currency. It won’t replace the dollar.