New Omicron Variant Sinks Stocks, Crypto While Hillary Clinton Blasts Bitcoin
A new Covid-19 variant which the WHO has labelled ‘of concern’ is sparking global unrest on both stocks and crypto markets. The Omicron variant caused drops of major airlines and travel stocks in financial markets and brought down altcoins of the CoinMarketCap top 100 in great numbers.
The Dow Jones industrial average closed down 2.5% on Friday evening, its worst day since late October 2020. Meanwhile politicians are sounding the alarm over the growing importance of Bitcoin.
NEW—“Dozens” likely infected onboard 2 flights ✈️ carrying ~600 people from South Africa that landed in Netherlands—Dutch health service estimates up to ~85 cases —so far 15 positive from 110 tested. Nearly 500 results still pending—& pending if #Omicron. https://t.co/kd7FaslXQX pic.twitter.com/GQvEVaGMyS— Eric Feigl-Ding (@DrEricDing) November 27, 2021
Speaking to her longtime fan, MSNBC presenter Rachel Maddow, former Democratic presidential nominee and former Secretary of State Hillary Clinton warned about the possible meddling of China and Russia when it comes to tech, and therefore felt that crypto should be regulated.
With her comments being made published as stock markets dropped because of the possible new and highly infectious Covid variant, Bitcoin also lost out and dropped towards $54k.
Combination of social media
The former Secretary of state warned over “the combination of social media, the algorithms that drive social media, the amassing of even larger sums of money through the control of certain cryptocurrency chains.”
Clinton then added that:
We’re looking at not only states such as China or Russia manipulating technology of all kinds to their advantage. We’re looking at non-state actors, either in concert with states or on their own, destabilizing countries, destabilizing the dollar as the reserve currency.
This wasn’t even her first public outing on the topic in recent weeks. Around half of November, she spoke during a panel discussion at the Bloomberg New Economy Forum in Singapore. At that time, she said:
One more area that I hope nation-states start paying greater attention to is the rise of cryptocurrency.
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.
And of course there is where the real issue lies. Every dollar of investment money that goes towards crypto is not put into an investment denominated in the American dollar. Fiat currencies are coming under pressure as crypto rises, thus we can now add Clinton to the long list of Bitcoin bashers as well. Expect many more to follow in the coming weeks, months, and even years.