Peter Thiel is the co-founder of Paypal and venture capitalist.
Peter Thiel said, in a hypothetical event on Wednesday, when asked whether China is ready to win financially against the United States of America, he replied, explaining that Bitcoin is the weapon that China can use.
Although I am somewhat of a supporter of cryptocurrencies, I wonder if Bitcoin should be considered at this stage as a Chinese financial weapon against the United States of America, as this currency threatens paper money, and it threatens the US dollar in particular.
The question Thiel was ostensibly answering, was not about Bitcoin itself, but rather about China’s plan to create a digital yuan.
Moderator and moderator Hugh Hewitt wanted to know if the digital yuan poses a threat to the dollar and its dominance in global markets.
But “Thiel” believes that it is not so, and expressed the rejection of the currency that will be issued by the Chinese central bank, describing it as a kind of comprehensive measuring device.
Thiel commented about that:
The real concern is Bitcoin, as it is likely to act as a functional reserve currency.
The less dominant the dollar, the less it will be affected by US monetary and foreign policy.
If bitcoin is backed in China, then perhaps from a geopolitical perspective, the United States should pose some more difficult questions about how exactly to counter that.
The symposium titled “Big Tech and China: What Do We Need in Silicon Valley?” It also included former Secretary of State Mike Pompeo and former National Security Adviser Robert O’Brien.
Pompeo agreed that the digital yuan has a significant impact on Chinese surveillance capacity.
Pompeo also stressed that such a currency in itself would allow cross-border transactions and could avoid US sanctions.
They want to make sure that when the US Secretary of State issues sanctions against the Iranian leadership, there is a way to buy Iranian oil.
Heil is a cryptocurrency and blockchain supporter, as he has previously invested in several cryptocurrency projects including the mining company Bitcoin Layer1 Technologies and the blockchain development platform Alchemy.