Crypto can undermine the dollar and destabilize the entire nation according to former presidential candidate Hillary Clinton so let’s find out more in our latest cryptocurrency news today.
Former presidential candidate Hillary Clinton said that crypto can undermine the dollar although it is very interesting and exotic they have a strong potential to destabilze the US. She said:
“What looks like a very interesting and exotic effort…has the potential for undermining currencies, for undermining the role of the dollars as reserve currencies, for destabilizing nations.”
She added that if crypto gets in the hands of the wrong people, crypto can become a direct threat to the nation-states:
“There’s a whole new layer of activity that could be extremely destabilizing or, in the wrong hands or in alliances with the wrong people, could be direct threats to many of our nation-states and certainly to the global currency markets.”
With that said, Clinton is seemingly on the same page as President Biden who signed a multi-million infrastructure bill showing he is serious about the national security risks that are presented by crypto. The former presidential candidate seems to share some common ground on crypto with former President Donald Trump who said that “Bitcoin is a scam” and that it is just another currency competing against the dollar. Throughout 2021, President Biden preceded Clinton’s comments by outlining the national security issues associated with crypto and we even saw the US DOJ announce that it will elevate ransomware to a similar priority level as terrorism because of the many ransom attacks including the one on JBS and Colonial Pipeline.
President Biden set up a ransom task force with the express purpose of combating cyberattacks and tracing crypto ransom payments. Concerns over crypto and national security and well justified because of the plethora of evidence that showed how bad actors can use this technology. Hamas even admitted to a spike in BTC donations following the conflicts with Israel. Andrew Anglin who is the founder of the Neo-Nazi website found to have recieved million dollars worth of BTC back in 2017.
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Russian Intelligence-backed companies were also found to have used crypto to interfere with the American presidential elections.
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