Hillary Clinton says Bitcoin is a Threat to the Dollar
The former Democratic presidential candidate is worried about Bitcoin and cryptocurrencies' ability to undermine governments.
Hillary Clinton spoke concerning Bitcoin and crypto's ability to undermine governments during a video panel debate at the Bloomberg New Economy Forum held in Singapore on Friday.
Hillary said, "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."
By illustrating this rather gloomy threat to governments and multinational organizations, Hillary showcased her lack of knowledge concerning the difference between Bitcoin and the distinct asset class of cryptos, which is common with most politicians.
Bitcoin assures users with internet access a decentralized, unregulated right to property that cannot be seized or edited by any government. No one on the Bitcoin network is coerced to select between upgrading their software or risk losing their assets, it's backward compatible. Bitcoin is a geographically skeptical private sovereign wealth reserve. The many other cryptos are centralized and mainly unregulated assets whose protocol can be switched at any time. Therefore, in cryptocurrency, the threat of property seizure continues. Bitcoin and other cryptocurrencies are unique asset classes.
Thus, when Hillary casually includes Bitcoin in her resentful list of phobias to her political and economic worldview, she is absolutely wrong. Cryptos cannot weaken fiat currencies or governments outright, since what they provide is essentially the same as fiat, which is a resource that can and is corrupted by governance.
Still, Bitcoin can disrupt the dollar as an international reserve currency. The crypto is an absolute threat to purloin of property executed by governments on their citizens simultaneously through currency corruption and taxation.
Hillary warned, "Nation states have got to pay greater attention to the rise of asymmetric power centers." Ironically, the threats posed by Bitcoin to governments are created on its decentralization.
Hillary incidentally went on to state that disinformation in the economic and political space is only going to worsen. It is ambiguous what disinformation in the economic space she was referring to. It is unimaginable what more socio-economic appropriate falsehood there is aside from the attempts at the Federal government to cover up inflation by redefining and manipulating data concerning the consumer price index and flaunting public health policy similar to a political chess piece.
It is unlikely she was referring to the falsehood or outright confusion spread by environmental groups and governments about Bitcoin.
The former Democratic presidential candidate now public speaker also cautioned that a "rise of artificial intelligence" was about to threaten governments although she didn't give any definition or context for artificial intelligence, and in stereotypical diplomat manner, without suggesting any workable solution to any of these indefinite discerned threats.
Her comments came while condemning Russian President Vladimir Putin, alleging that he deployed "a very large stable of hackers and those who deal in disinformation and cyberwarfare."
Hillary informed the forum in Singapore, "With his oligarchic coterie he has utilized many non-state actors to personal as well as nationalistic goals, and I think that's going to become a greater and greater threat."
She has been accusing Russia of interfering with decisions by the FBI for her defeat in the U.S. presidential election to former President Donald Trump to date. What these cautions have to do with her "cryptocurrency" talking points is vague. If Hillary meant to caution the public concerning Bitcoin, then her views are but a ridiculous example of phobia, doubt, uncertainty, and lack of adequate research.
First published on Nov 19, 2021