The crypto industry has responded to criticism from Hillary Clinton, who said cryptocurrencies could undermine the role of the US dollar as the world's reserve currency. Galaxy Digital CEO Mike Novogratz said the only thing that could undermine the US dollar as a reserve currency is reckless spending by both US political parties. Meanwhile, Elon Musk criticized the US government for using the dollar as a political tool, saying, ``We have abused the dollar as a weapon. That was a stupid move.''
Bitcoin and US dollar key currency status
A video of former Secretary of State Hillary Clinton's comments about cryptocurrencies in 2019 resurfaced on social media platform X over the weekend, sparking new debate in the crypto community. This was a group discussion video from November 2019, and it received reactions and criticism from many in the crypto industry.
"Another area that I would like to see countries start paying more attention to is the growth of cryptocurrencies.", perhaps the ability to start with a small country and expand it to a much larger scale.
In response to Clinton's claim that Bitcoin could undermine the US dollar as the world's reserve currency, Galaxy Digital CEO Mike Novogratz wrote on Saturday:
The only thing that could undermine the dollar as a reserve currency is reckless spending on both sides. Trump and Biden have normalized huge budget deficits, plunging us into the worst financial crisis of my lifetime. Please don't blame BTC. This is a financial responsibility report card.
"Incumbents who have been in power for decades are threatened by everything that is out of their control," said Deaton, attorney John E. Bitcoin is an asset. period. In America, people have the right to own property. The fact that Bitcoin is feared by politicians who believe the government is telling people what they can own and how they should live is the best advertisement for owning Bitcoin. Become. May God give the common man access to the number one asset in history.
Brian Morgenstern, head of public policy at Riot Platforms, echoed Clinton's warning, saying, "No, the $2 trillion deficit is eating away at the dollar. The government spends 38% more than it collects, and the dollar On the other hand, Bitcoin and commodities can. Another option is to peg the dollar to global asset values and strengthen it by creating cross-border efficiencies. It is to do.
Last week, Russian President Vladimir Putin also spoke about the loss of the dollar's dominance. He said the United States was killing the dollar with its own hands, using the currency as a political tool. Tesla CEO Elon Musk commented on President Putin's remarks on Friday.
We have abused the dollar as a weapon. That was a stupid move.