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China could use Bitcoin as a financial weapon against the US, says Paypal co-founder

Attending a seminar alongside former U.S. diplomat Mike Pompeo, Peter Thiel, co-founder of Paypal, said China could use Bitcoin to attack dollar supremacy.

“Even though I am a pro-crypto, pro-Bitcoin maximalist person, I wonder if, at this point, Bitcoin should not also be seen in part as a Chinese financial weapon against the United States, where it threatens fiat currency, and especially the US dollar, ”said Peter Thiel on April 6 during a virtual seminar organized by the Richard Nixon Foundation.

The report of this virtual event reveals that the co-founder of the online payment system Paypal, now a major investor in virtual currency companies as well as in cryptocurrencies themselves, is particularly concerned by the technological race between the China and the United States.

He even goes so far as to want regulations that make Chinese investment in the United States more difficult, and also recommends restricting United States investment in China.

First questioned about the digital currency issued by the Central Bank of China (CBDC) and the possibility that it threatens the status of the greenback as a global reserve currency, the businessman dispels this hypothesis by explaining that an internal currency in China would amount to little more than a “sort of totalitarian measuring device.”

On the other hand, he is concerned about the desire, according to him, of Beijing to replace the dollar in world trade and explains: “China does not like the United States to have this reserve currency, because it gives a lot. weight on oil supply chains and all kinds of things like that. ”

He also referred to attempts by Beijing in recent years to denominate oil transactions in euros: “I think the euro, you can think of it as part of a Chinese weapon against the dollar – the last decade has not not really worked that way, but China would have liked to see two reserve currencies, like the euro [en plus du dollar]. “

The Nixon Seminar on conservative realism and national security, in which Peter Thiel participated, is presented as a “monthly meeting of seasoned statesmen and emerging scholars on various aspects of great power competition and American national security,” to discuss matters of current and continuing importance to the interests of the nation [Etats-Unis] abroad”.

It is now co-chaired by Mike Pompeo, former Secretary of State to Donald Trump and Robert C. O’Brien, former national security adviser to the same administration.

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