Home Bitcoin News China may be using bitcoin as 'financial weapon' against U.S., says Peter Thiel – MarketWatch

China may be using bitcoin as 'financial weapon' against U.S., says Peter Thiel – MarketWatch

3 min read

Billionaire enterprise capitalist Peter Thiel is nervous that China is utilizing bitcoin to undermine the U.S.

In feedback Tuesday throughout a digital occasion for the Richard Nixon Basis, and first reported by Bloomberg News, the co-founder of PayPal
Palantir Applied sciences

and Founders Fund stated bitcoin “threatens fiat cash, nevertheless it particularly threatens the U.S. greenback.”

“Although I’m a pro-crypto, pro-bitcoin maximalist particular person, I do ponder whether at this level, bitcoin also needs to be thought [of] partly as a Chinese language monetary weapon in opposition to the U.S.”

— Peter Thiel

Thiel stated China want to see two international reserve currencies, reasonably than the greenback being the default reserve forex. However China doesn’t need its renminbi to fill that position, and up to now has used the euro “partly” as a weapon in opposition to the greenback. That hasn’t labored, so now China is making an attempt to raise bitcoin, Thiel argued.

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“[If] China’s lengthy bitcoin, maybe from a geopolitical perspective, the U.S. must be asking some more durable questions on precisely how that works,” he stated.

Additionally see: U.S. is ‘behind the curve’ on crypto regulations, says SEC Commissioner Peirce

China not too long ago launched a blockchain-enabled, digital version of its currency, the yuan, however Thiel dismissed that transfer. “That’s not an actual cryptocurrency, that’s just a few kind of totalitarian measuring machine,” he stated.


on Wednesday was above $56,000 and once more approaching its report excessive worth of $60,738, based on Coindesk. The value of bitcoin is up 95% yr to this point, and up a whopping 674% over the previous 12 months.

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