Co-founder PayPal: Bitcoin is China's Financial Weapon
Peter Thiel of PayPal was invited to a virtual seminar on Big Technology and China. He stressed that he is a supporter of Bitcoins. However, he is confident that China needs Bitcoin to dictate U.S. terms
China has 65-70 percent of mining equipment. This means that most of the Bitcoins mined settle in this country. Cryptocurrency can be seen as a substitute for traditional money. Therefore, Bitcoin is a powerful lever of pressure from China.
“Even though I'm a pro-crypto, pro-Bitcoin maximalist person, I do wonder whether if at this point Bitcoin should also be thought of in part as a Chinese financial weapon against the U.S.” says @Paypal co-founder Peter Thiel.— Richard Nixon Foundation (@nixonfoundation) April 7, 2021
More on cryptocurrencies from The #NixonSeminar: pic.twitter.com/sIUQTQEWgr
Actually, Thiel was not asked about Bitcoin, but about the CBDC, which was tested by China. Event host Hugh Hewitt wanted to know what Peter Thiel thought of it.
Thiel expressed his opinion about Bitcoin, not CBDC. According to him, Bitcoin is a real problem for the United States. It reduces the spread of the dollar around the world, which means that the U.S. cannot influence the monetary and foreign policy of other countries.
Former Secretary of State Mike Pompeo also attended the event. He noted that China's CBDC could also pose a threat to the United States. China, with the help of the national currency, can circumvent sanctions by making cross-border payments. This is the opinion of authoritative speakers.