The Chinese government may be supporting bitcoin as a means to undermine the foreign and monetary policy of the United States, PayPal co-founder and venture capitalist Peter Thiel has said.
He added thatÂ Beijing has tried to use the euro in the same way.
Speaking at a virtual event hosted by the Richard Nixon Foundation, Thiel, who isÂ a major investor in virtual currency ventures as well as in cryptocurrencies themselves, said thatÂ the US should consider tighter regulations on cryptos.Â
While commentingÂ on whether ChinaâsÂ central bank-issued digital currency (CBDC) could threaten the US dollarâs status as a global reserve currency, the businessman suggested that an âinternal stablecoin in Chinaâ will amount to little more than âsome sort of totalitarian measuring device.â
âEven though I’m a pro-crypto, pro-Bitcoin maximalist person, I do wonder whether if at this point Bitcoin should also be thought of in part as a Chinese financial weapon against the U.S.â says @Paypal co-founder Peter Thiel.More on cryptocurrencies from The #NixonSeminar: pic.twitter.com/sIUQTQEWgr
â Richard Nixon Foundation (@nixonfoundation) April 7, 2021
He said: âFrom Chinaâs point of view, they donât like the US having this reserve currency, because it gives a lot of leverage over oil supply chains and all sorts of things like that.Â
âEven though I’m a pro-crypto, pro-bitcoin maximalist person, I do wonder whether if, at this point, bitcoin should also be thought-of in part as a Chinese financial weapon against the US, where it threatens fiat money, but it especially threatens the US dollar.â
Thiel also said that China attempted to denominate oil trades inÂ eurosÂ in recent years, in a bid to undermine the global standing of the dollar. âI think the euro, you can think of as part of a Chinese weapon against the dollar â the last decade didnât really work that way, but China would have liked to see two reserve currencies, like the euro.â
The billionaire entrepreneur speculated that Beijing does not actually want its renminbi to become theÂ global reserve currency, claiming that the government would have to âopen their capital accounts,â among other measures âthey really donât want to do.â
He said: âChina wants to do things to weaken [the dollar] â Chinaâs long [bet is] bitcoin, and perhaps, from a geopolitical perspective, the US should be asking some tougher questions about exactly how that works.â
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Originally posted on https://www.rt.com/business/520434-china-bitcoin-financial-weapon-us/?utm_source=rss&