Bitcoin Could Be ‘China’s Financial Weapon’, PayPal Co-Founder Says

Bitcoin Could Be 'China's Financial Weapon', PayPal Co-Founder Says

The co-founder of the PayPal payment platform, Peter Thiel, considers that it is the Bitcoin (BTC), not the digital yuan, representing a danger from China. 

PayPal Co-Founder Sees Bitcoin As A Weapon From China

Peter Thiel was speaking at a virtual conference at Nixon Seminary, a gathering place for American Conservatives. The PayPal co-founder gave his opinion on the financial war between the United States and China. According to him, Bitcoin could be problematic :

“Although I am quite pro-crypto and pro-Bitcoin maximalist, I wonder if at some point we should not consider Bitcoin as a Chinese financial weapon against the United States, where it threatens fiat currencies, in particular. the dollar.

“Bitcoin, and not the digital yuan? 

The PayPal co-founder considers that the digital yuan is not a real threat when placed against Bitcoin: he thus qualifies the digital yuan as a “kind of totalitarian measurement tool” with no real impact on the global economy. When it comes to Bitcoin, Peter Thiel believes that it can serve as a reserve currency, which would allow China to rely less on the dollar – and therefore ignore US monetary policies.

Peter Thiel isn’t the only one worried about Bitcoin’s role in China’s strategy. Ripple co-founder Chris Larsen considered last year that China could take control of the largest cryptocurrency.¬†However, the Chinese government seems, for the moment, determined to bet everything on its Digital currency.

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