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Peter Thiel said China may be using bitcoin as a ‘financial weapon’ against the US


Billionaire venture capitalist Peter Thiel worries that China is using bitcoin to sabotage America

In Tuesday’s comment during a virtual event for the Richard Nixon Foundation, and first reported by Bloomberg News, co-founder of PayPal
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,
Palantir Technologies
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and the Founders Foundation said bitcoin “threatens fiat money, but it specifically threatens the US dollar.”


Even though I am a crypto advocate, a bitcoin advocate, I wonder if at this point bitcoin should be thought of. [of] part is China’s financial weapon against the US ”


– Peter Thiel

Thiel said China wants to see two global reserve currencies, instead of the dollar as the default reserve currency. But China does not want its renminbi to take over that role, and in the past has used “part” of the euro as a weapon against the dollar. That hasn’t worked, so now China is trying to elevate bitcoin, Thiel argues.

“[If] China’s long Bitcoin, perhaps from a geopolitical perspective, the US should pose some of the more difficult questions about how exactly it works, ”he said.

China has recently launched a digital, blockchain-powered version of its currency, yuan, but Thiel rejected that move. “It’s not a real cryptocurrency, it’s just some kind of totalitarian measure,” he said.

Bitcoin
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on Wednesday it was over $ 56,000 and again approaching a record high of $ 60,738, according to Coindesk. So far, the price of bitcoin has risen 95% year-on-year and has risen 674% in the past 12 months.

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