During a panel discussion at the Bloomberg New Economy Forum on Friday, November 19th in Singapore Hillary Clinton has warned that cryptocurrency has the potential to destabilize nations, and is undermining the role of the US dollar as the reserve currency.
One more area that I hope nation-states start paying greater attention to is the rise of cryptocurrency — because 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.Hillary Clinton said.
The Bitcoin Magazine noted that Hillary Clinton betrayed the fact that she doesn’t know the difference between Bitcoin and the separate asset class of cryptocurrencies. The terms should never be used interchangeably and it makes a huge difference.
Bitcoin assures anyone with internet access a decentralized, permissionless right to property that cannot be confiscated or censored by any government. No one on the Bitcoin network is forced to choose between updating their software or risk losing their wealth, it is backwards compatible.The Bitcoin Magazine said.
According to the Bitcoing.org
Much of the trust in Bitcoin comes from the fact that it requires no trust at all. Bitcoin is fully open-source and decentralized. This means that anyone has access to the entire source code at any time. Any developer in the world can therefore verify exactly how Bitcoin works. All transactions and bitcoins issued into existence can be transparently consulted in real-time by anyone. All payments can be made without reliance on a third party and the whole system is protected by heavily peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control Bitcoin, and the network remains secure even if not all of its users can be trusted.
Bitcoin is geographically agnostic. On the other hand the other cryptocurrencies are centralized and largely unregulated assets whose protocol can be changed at any time, which implies in crypto the threat of property confiscation persists.
Bitcoin and crypto are different. Many politicians don’t know about this fact. Many wealth managers with the traditional background can’t spot the difference unless they conduct proper due diligence before they make asset allocation decisions. Always fully understand what you buy especially when it relates to the portfolio of your investments.