Peter Thiel, the CEO of PayPal, believes that China might use bitcoin as a financial tool to weaken the US dollar.
PayPal CEO Peter Thiel said in a virtual event hosted by the Richard Nixon Foundation that Bitcoin could be used by China as a tool in a non-conventional war against the US, taking advantage of its characteristics to combat the dollar’s hegemony. China has also been working on a national digital currency for a long time, and its CBDC has been successfully tested.
The US dollar is at risk from Bitcoin.
“Even though I’m sort of a pro-crypto, pro-Bitcoin maximalist person, I do wonder whether at this point Bitcoin should also be thought in part of as a Chinese financial weapon against the US,” PayPal CEO Peter Thiel said. Peter went on to say that Bitcoin poses a challenge to the very concept of fiat money, but is particularly dangerous to the US dollar, and he urged US strategists to pay more attention to Bitcoin-related developments while researching the international geopolitical environment. Bitcoin hodlers aren’t the only ones who may be offended by being referred to as a Chinese Communist Party tool.
The digital yuan, according to PayPal CEO Peter Thiel, is a totalitarian metric.
PayPal CEO Peter Thiel claims DECP, China’s digital currency, cannot be equivalent to a cryptocurrency and refers to it as an authoritarian measuring system. Thiel is more concerned with China’s ability to copy than with its ability to invent and build. In response to Michael Pompeo, he said that China had made little progress in the field of blockchain technology. Still, if China achieves technological parity with the United States, the West would lose its status as the world’s geopolitical leader. Others in the crypto industry have previously stated that Chinese digital currency may pose a challenge to the US dollar’s global supremacy.