Past U.S. president Bill Clinton gave a keynote speech at ripple’s annual Swell conference in San Francisco on October 1, stating that the “permutations and possibilities of blockchain technology are staggeringly great.”
Invited as a keynote speaker, Bill Clinton engaged in a question and answer session with his then economic adviser from 1996 till 2001, Glen Sperling. Clinton’s keynote speech was not recorded unlike the other conference sessions notwithstanding, a cell phone video recording that was captured by a person in attendance of the event sheds light on a wide-ranging discussion that featured Clinton’s eight years as president from 1993 to 2001 and on few occasions, bordered on the blockchain.
Social and Economic Policies Could Ruin DLT
Towards the end of his discussion, Clinton, who served as USA’s chief executive during the internet transition from the technological perimeters to the commercial mainstream spoke extensively on the subject matter, stating that distributed ledger technology (DLT) has “staggering” possibilities been that it is independent on national borders. Although he warned that the discordant social and economic policies could “ruin” it. Clinton stated that;
“This whole blockchain deal has the potential it does only because it is applicable across national borders and income groups. The permutations and possibilities are staggeringly great” he further said “we could ruin it all by negative identity politics and economic and social policy. You think about that.”
Bill Clinton also recommended that the blockchain and cryptocurrency ecosystem should not get overconfident, warning that moving too quickly could amplify the social and financial inequalities between developed and emerging markets.
According to a report by TheStreet, he was quoted saying: “The more benefits materialize, the more you have to be careful about it” further stating that early adopters must avoid the being “carried away with the immediate financial rewards” that comes with the industry.
“You don’t want consumer fraud, you don’t want financial criminal enterprises, and you certainly don’t want to make it easier to pull off severe attacks b terrorists” he continued. “that’s the challenge of each new technology.”
The use of cryptocurrency doesn’t seem to be totally adopted by the Clinton family though, as wife of the former president, Hillary Clinton, opted not to accept Bitcoin (BTC) donations for her presidential campaign. Although it is safe to say Bill Clinton is a fan of blockchain technology as it was reported that he was gifted his first BTC back in 2016 by venture capitalist and tech entrepreneur, Matthew Roszak.
Digital currencies have notably gained more acceptance by the U.S. as several government regulators in the country have called for more regulatory clarity on cryptocurrency.