Hillary Clinton: Bitcoin could replace the dollar as the reserve currency

At the World Economic Forum, the former presidential candidate highlights the potential upside of Bitcoin toward global financial stability.

The World Economic Forum, held annually in Davos, Switzerland, is a prestigious gathering that brings together leaders from across the globe, including political figures, business executives, and prominent intellectuals, to discuss pressing global issues.

In a statement at the forum, former Secretary of State Hillary Clinton expressed her concerns about the impact of cryptocurrencies on global finance. Clinton’s words reflect a growing debate around the role and influence of digital currencies in the international economic landscape.

“I hope nation states start to pay attention to the rise of cryptocurrencies because what looks 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.”

Hillary Clinton at Davos 2024

Clinton’s comments on cryptocurrencies touch upon a broader economic phenomenon called de-dollarization. De-dollarization refers to the process where countries reduce their reliance on the U.S. dollar in international trade and finance, often by switching to other currencies or assets for their transactions and reserves.

This would lead to the global economy’s further adoption of Bitcoin and crypto.