Cryptocurrency? Hillary Clinton Favors Fiat

Since losing the 2016 Presidential Election to Donald Trump, Hillary Clinton has not made many statements, however, she came out recently to speak about the rise of cryptocurrency.

The former Presidential Candidate stated that she found cryptocurrencies to be exotic and interesting but had a worry about what they will do to the financial structures around the world.

Hillary Clinton explained her worries surrounding the popularity of cryptocurrency disrupting the US dollar as being the reserve currencies for destabilizing countries. She added that cryptocurrencies in the wrong hands could be a direct threat to many of the nation-states. 

This stance is one that is shared with the current President, Joe Biden who believes that implementing cryptocurrency in the US can elevate national security risks. These ideas stem from the rise of ransomware attacks that have targeted many companies around the US, including high-profile targets such as the Colonial Pipeline and JBS attacks.

Ransomware attacks lock companies out of their servers and demand payments in BTC and other cryptocurrencies to release the lock.

The reaction in the cryptocurrency world has been positive. Many see that cryptocurrencies destabilizing the hold that the US dollar has around the world as a constructive concept.

A large majority of crypto-asset holders joined the industry due to the inflation that has surrounded the US dollar in recent years. Studies have shown the younger generation has more faith in cryptocurrencies than in typical fiat currencies.

Nations worldwide that have been struggling with their own fiat currencies have found Bitcoin and other crypto-assets helpful to their citizens. Places like El Salvador, which adopted Bitcoin as a legal tender, have been able to build schools and other services due to holding Bitcoin. 

Other countries, like Nigeria, have seen an explosion of crypto interest amongst their citizens as many see digital currencies as a successful way to find outside work and benefit from the increase in value.

Crypto enthusiasts in the US worry that digital currencies will see harsh regulations in the future with many leaders not fully understanding the extent of blockchain and crypto-assets, and what they can actually do.

The need for real-world utility and adoption is necessary to prove that crypto-assets are for more than just speculation and that conversation around cryptocurrency is on the increase, with the number one coin researched on Google currently being the meme coin.

In the meantime, you can continue using cryptocurrencies for recreation at websites such as Bitcasino.io, 1xBit, or FortuneJack.

Source

Updated: 11/22/2021 — 19:00