PayPal CEO: Bitcoin can become China’s weapon
- The PayPal CEO is skeptical of the motivations behind China.
- He asked the country’s strategists to be very careful because it could be a weapon.
- He also regrets the relationship of Apple (NASDAQ 🙂 and Google with China.
PayPal co-founder Peter Thiel may love cryptocurrencies but he is skeptical of China’s motives for Bitcoin.
Speaking at an online event hosted by the Richard Nixon Foundation, Thiel shared her concerns. He noted that China may be using BTC as a financial weapon against the sovereignty of the US Dollar. To host Hugh Hewitt’s question about the threat China posed to Dollar, the businessman did not seem hopeful. He say,
“Even though I’m a cryptocurrency advocate, I still wonder if at this point Bitcoin should be seen as part of China’s financial weapon against the US.”
He also added that Bitcoin poses a threat to the very idea of fiat currency itself. In that way, it’s very dangerous against the US dollar. Thiel also urged national strategists to be very cautious in handling Bitcoin-related changes in the international geopolitical landscape.
Global technology race
China’s ability to innovate and surpass the United States is not in dispute. Instead, Peter Thiel focuses on China’s power to copy everything. He accepts that China has not made much progress in blockchain technology. However, it could still achieve parity in the US. This could make the West lose its advantage of world domination.
In that regard, he also expressed regret for the relationship of major technology companies with China, namely Google (NASDAQ 🙂 and Apple. Additionally, he noted China’s very own burgeoning stablecoin and declined to call it a cryptocurrency. Instead, he exclaimed that it was a ‘Totalitarian Measuring Device’.
In a pro-crypto move, PayPal recently allowed its customers to store, buy, and sell cryptocurrencies using its platform. It has also allowed customers to buy with crypto, which is only open in the US at this time.
This article was first published on coinquora.com
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