{"id":221554,"date":"2021-04-08T03:34:34","date_gmt":"2021-04-08T00:34:34","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/china-using-bitcoin-as-financial-weapon-against-united-states-peter-thiel\/"},"modified":"2021-04-08T03:34:34","modified_gmt":"2021-04-08T00:34:34","slug":"china-using-bitcoin-as-financial-weapon-against-united-states-peter-thiel","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/china-using-bitcoin-as-financial-weapon-against-united-states-peter-thiel\/","title":{"rendered":"# China using Bitcoin as \u2018financial weapon\u2019 against United States: Peter Thiel"},"content":{"rendered":"

“# China using Bitcoin as \u2018financial weapon\u2019 against United States: Peter Thiel <\/strong>”
\n<\/p>\n

PayPal co-founder and venture capitalist, Peter Thiel, has warned that the Chinese central government may be supporting Bitcoin as a means to undermine the foreign and monetary policy of the United States.<\/p>\n

But, he added, it has tried to use the Euro the same way.<\/p>\n

Speaking at a virtual event hosted by conservative non-profit, the Richard Nixon Foundation, Thiel was commenting<\/a> on whether China\u2019s central bank-issued digital currency, or CBDC, could threaten the U.S. dollar\u2019s status as a global reserve currency. <\/p>\n

While Thiel, who is known to be pro-Bitcoin, suggested an \u201cinternal stablecoin in China\u201d will amount to little more than \u201csome sort of totalitarian measuring device,\u201d he added that China may view Bitcoin as a tool to erode the dollar\u2019s hegemony:<\/p>\n

\u201cFrom China\u2019s point of view, they don\u2019t like the U.S. having this reserve currency, because it gives a lot of leverage over oil supply chains and all sorts of things like that,\u201d he said, adding:<\/p>\n

\u201cEven 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. where it threatens fiat money, but it especially threatens the U.S. dollar.\u201d<\/p><\/blockquote>\n

Thiel alluded to Chinese efforts to denominate oil trades in Euros<\/a> during recent years in a bid to undermine the global standing of the dollar, stating: \u201cI think the Euro, you can think of as part of a Chinese weapon against the dollar \u2014 the last decade didn\u2019t really work that way, but China would have liked to see two reserve currencies, like the Euro.\u201d<\/p>\n

The venture capitalist speculated China does not actually want its renminbi to become the global reserve currency, noting the government would have to \u201copen their capital accounts\u201d among other measures \u201cthey really don\u2019t want to do.\u201d<\/p>\n

As such, Thiel concludes that supporting Bitcoin offers China an elegant means to weaken the dollar\u2019s standing internationally:<\/p>\n

\u201cChina wants to do things to weaken [the dollar] \u2014 China\u2019s long Bitcoin, and perhaps, from a geopolitical perspective, the U.S. should be asking some tougher questions about exactly how that works.\u201d<\/p><\/blockquote>\n