Bitcoin Can Be Used By The Chinese To Undermine The Presence Of Currencies Like The Euro And US Dollar

According to the CEO of PayPal, one of the biggest payment processors worldwide, Bitcoin is a great technology but it may also serve as a financial weapon against the United States. Peter Thiel, who is a pro-crypto, pro-Bitcoin maximalist person raised the question in a virtual event organized by the Richard Nixon Foundation. Thiel noted that the power that Bitcoin has in a modern-day economy can be used to counteract the U.S. dollar hegemony on the global markets.

“I do wonder whether at this point Bitcoin should also be thought in part of as a Chinese financial weapon against the U.S.”, Thiel stated.

Thiel emphasized that Bitcoin and cryptocurrencies in general possess threats to the idea of fiat monetary supply. PayPal’s CEO also urged U.S. state strategists to take a closer look on the latest Bitcoin-related developments, while keeping the international geopolitical landscape in mind. Thiel also warned European economists, as the Euro may be taken into consideration by China as yet another leverage point in a future conspiracy war with the United States.

Thiel’s words, however, have a direct impact on Bitcoin proponents, which may find offensive PayPal CEO’s claims Bitcoin may be a weapon of the Chinese communist party (CCP).

“From China’s point of view, they don’t like the U.S. having this reserve currency, because it gives us a lot of leverage over things like the oil supply chain and things like that. They don’t want the Renminbi to become a reserve currency because then you have to open your capital account and do all sorts of things they really don’t want to do. I think the Euro you could think it is in part a Chinese weapon against the dollar”, Thiel added.

PayPal’s CEO is certain that the long-awaited Chinese stablecoin project, dubbed DC/EP, can’t be directly comparable with an established cryptocurrency. Rather, the DC/EP, according to Thiels, is a “totalitarian measuring device.”

Thiel, however, seems to be stepping off his patriotism, when it comes to cryptocurrencies, as it was when the United States imposed bans on China. Meanwhile, several other countries are in the development process of native stablecoins.

However, Peter Thiel believes that China’s powers are not in the research and development, rather in copying working models. According to the CEO, China still hasn’t shown much advancement in the blockchain space, but if the Chinese reach technological parity with the United States, the West may lose its position as a geopolitical hegemon.

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