Peter Thiel, PayPal CEO, has said that China can utilize Bitcoin to undermine the US Dollar power. For Thiel, Bitcoin can be Chinese financial weaponry against the US. The CEO likes Bitcoin but loathes it if China uses or mines it. PayPal CEO stated in an event held by the Nixon Foundation that Bitcoin can be utilized by China as a financial weapon against the US, taking undue advantage of its features to thwart the US dollar’s hegemonic power.
Peter Thiel maintained that though he is a bit pro-crypto and pro-Bitcoin person, he wonders if Bitcoin should be considered China’s economic weapon against the United States. The CEO described that Bitcoin is threatening the fiat money idea, but it is hazardous to dollars. Thiel called the US strategists to be more severe in Bitcoin-related issues and developments when learning the world geopolitical landscape.
Thiel feels China might be working with Europe to control world power
Nevertheless, Bitcoin holders aren’t just those who take offense when called the Chinese communist party weapon. For Thiel, the Euro existence is equally seen as a Chinese weapon conspiracy to eliminate the US power to control the world economy’s specific critical sectors.
Thiel categorically stated that from China’s point of view, they do not accept the US getting the reserve currency because it offers the US many leverages over some things such as oil supply chains. China doesn’t wish for the Renminbi to be a reserve currency since you need to open the capital account while doing several things China doesn’t want you to do. The Euros is a part of Chinese weapons against the US dollar, Thiel concluded.
In another vein, the DECP, the digital currency being developed by China, Thiel thinks it can’t compare with a cryptocurrency. He likened it to an authoritarian measuring device. Meanwhile, Thiel’s statements didn’t go well with some patriotism he proudly displayed when he was attacking China. Many nations are creating their digital currencies. The US is starting to advance the notion of developing digital dollars with similar features to China’s money.
PayPal continues to push Bitcoin’s reach
Peter Thiel isn’t concerned about China’s ability to create and innovate but rather about its capability to copy other things. The CEO also described that China hadn’t made several advances in blockchain technology. However, when China goes to a parity position with the US in technology, the West will lose its importance as a dominator in world geopolitics.
Further, Thiel has regretted that Silicon Valley didn’t view China as an enemy. He mentioned that Apple has a practical structural issue for involving and having synergy with China. Also, the CEO pointed out that it’s unwise for Facebook and Google to be friendly with the dreaded Chinese enemy.
According to data, Paypal plays a key and significant duty in the recent Bitcoin bullish trend and even in the rise of cryptocurrency adoption. Recently, PayPal enabled service in buying, storing, and processing crypto payments for users and customers in the US, with prospects of releasing support to other nations. Hopefully, this Bitcoin adoption huge boost wouldn’t be seen by the regulators as China’s cryptocurrency plans support in the future.