Hilary Clinton, the former first lady, and secretary of the state has come out to sound another harsh warning against the crypto market. In a recent interview with CNBC, Clinton claimed that the cryptocurrency market can be manipulated by China and Russia and therefore the US regulators must be wary of it and regulate the market accordingly.
NEW: Hillary Clinton says crypto could be manipulated by China and Russia pic.twitter.com/3plKjazAGF
— Blockworks (@Blockworks_) November 25, 2021
Although she didn’t offer a clear explanation on why she thinks countries like China and Russia could manipulate crypto, she did demand the Biden administration to take appropriate action soon. Clinton reiterated the old political rhetoric claiming these nations couldn’t be trusted with their intentions. Clinton’s crypto manipulation comments come just days after she claimed Bitcoin could destabilize US Dollar.
Is Hilary Clinton Right About Countries Manipulating Cryptocurrencies?
Hilary Clinton’s recent fearmongering on crypto seems to be way off the mark especially the recent comments about Russia and China potentially manipulating the market. The crypto market is decentralized in nature especially Bitcoin that started it all. Earlier, when China was the leader in Bitcoin mining, there were fears of mining manipulation, however, that changed in May this year after the mining ban. In fact, China is getting rid of everything crypto-related and wants to promote its own digital currency called e-CNY or digital yuan.
Russia on the other hand is aiming to regulate the crypto market like hundreds of other nations. The president of the country Vladimir Putin also seemed to have a better understanding of the crypto ecosystem and in a recent interview called it the future of remittance. He praised the crypto ecosystem but also called for better regulations.
If this video is real, it highlights just how well understood Bitcoin is by the world’s most powerful people.
The next reserve currency won’t be controlled by a nation state. pic.twitter.com/hsay8EhhZV
— Pomp 🌪 (@APompliano) April 28, 2020
A video file shared by Bitcoin influencer Pomp shows the Russian President answering questions about the crypto market and the Russian government’s plan on regulating it. To a question about whether Russia would launch its own cryptocurrency, Putin said,
“it is impossible for any other country to have its own cryptocurrency because if we are talking about cryptocurrency, it is something that is beyond national borders.”