Peter Thiel, co-founder of PayPal and venture capitalist.

Peter Thiel said, in a hypothetical event yesterday, Wednesday, when he was asked if China is ready to win financially against the United States of America, and he replied explaining that Bitcoin is the weapon that China can use.

He added:

Although I am somewhat of a supporter of cryptocurrencies, I wonder if at this point Bitcoin should be considered a Chinese financial weapon against the USA, as this currency threatens fiat money, as well as the US dollar in particular.

The question that Thiel was ostensibly answering was not about Bitcoin per se, but rather about China’s plan to create a digital yuan.

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“Although I am a pro-crypto and pro-Bitcoin person, I am wondering if at this point Bitcoin should partly be considered a Chinese financial weapon against the United States.” Tweet embed Co-founder Peter Thiel.

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Richard Nixon Foundation April 7, 2021

Moderator and moderator, Hugh Hewitt, wanted to know if the digital yuan posed a threat to the dollar and its dominance of global markets.

But Thiel believes that this is not the case, as he expressed his rejection of the currency to be issued by the Chinese central bank, describing it as a kind of comprehensive measuring device.

Thiel commented on this:

The real concern is Bitcoin, as it is likely to serve as a functional reserve currency.

The less control the dollar has, the less affected it is by US monetary and foreign policy.

If bitcoin is backed in China, perhaps from a geopolitical perspective, the United States should ask some of the more difficult questions about exactly how to counteract that.

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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 China’s surveillance capacity.

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Pompeo also emphasized that such a currency in itself would allow cross-border transactions and could avoid US sanctions, and added further:

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.

Thiel is said to be a supporter of cryptocurrency and blockchain, having previously invested in several crypto projects including mining company Bitcoin Layer1 Technologies and blockchain development platform Blockchain Alchemy.

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