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Clinton: Cryptocurrencies can destabilize nations



Hillary Clinton spoke at the "Bloomberg New Economy Forum 2021" on the subject of cryptocurrencies. According to Clinton, these are underestimated and have the potential to be fatal for entire nations because they have a destabilizing effect on the economies of countries. In addition, Clinton noted that cryptocurrencies are a threat to the supremacy of the US dollar.

The former US Secretary of State is likely to have meant Bitcoin, but spoke of cryptocurrencies. The subject is bigger than Bitcoin, but only BTC is preparing to become the only decentralized and digital money that cannot be controlled by government agencies.

So in the end, Clinton shares the same position as Donald Trump, to whom she lost the 2016 presidential election. Trump also spoke out about Bitcoin during his tenure and raised the same concerns . The only new thing is the idea that Bitcoin could destabilize smaller countries.

El Salvador shows courage

The statement could have been a wink with the fence post in the direction of El Salvador. Because the country is the only one in the world that has raised Bitcoin to the status of a national currency alongside the US dollar. The USA, hand in hand with the IMF, voiced their concerns and expressly warned the small Latin American state against this experiment.

So far, however, it does not look as if El Salvador will be in a worse position with Bitcoin than without the mother of all cryptocurrencies. In fact, they want to use the geothermal power plants in the country to operate environmentally friendly Bitcoin mining. In the end, Bitcoin is not something that destabilizes the state, but an industry that the small and otherwise economically rather insignificant country turns to and develops independently. In October, El Salvador used speculative profits from trading Bitcoin to build a veterinary clinic.

Bitcoin destabilizes bad structures

The only thing that destabilizes Bitcoin is bad government and economic structures. If the global economic and monetary system were better, the “magic internet money” would hardly be attractive.

However, the signs point to a storm. Because in addition to the countries and people who have been left in the lurch, speculators from the western industrial nations are joining in. The latter want a good return and they have so far found that in Bitcoin in the long term, in decentralized finance in the medium term and very likely in the very near future, if the market for NFTs should enter a boom phase.

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