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The co-founder of PayPal claims that bitcoin could be a “Chinese financial weapon against the US”

Published:

8 abr 2021 18:43 GMT

The billionaire warned that Beijing could use bitcoin to weaken the dollar. And he called on Washington to tighten regulation of cryptocurrencies.

The Chinese government could be supporting bitcoin as a way to undermine US foreign and monetary policy, said US billionaire and PayPal co-founder Peter Thiel during a virtual event. organized this Wednesday by the Richard Nixon Foundation.

Given this situation, Washington should consider introducing stricter regulations on cryptocurrencies, added the tycoon, who in turn is a major investor in both virtual currency-based ventures and electronic currencies themselves.

“From China’s point of view, they don’t like that the US has this reserve currency, as it offers a great lever of pressure on oil supply chains and all that kind of thing,” he said. .

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“Even though I am a pro-cryptocurrency and probitcoin maximalist, I wonder if, at this point, bitcoin should also be thought of as part of a Chinese financial weapon against the US, where it threatens fiat money, but especially threatens the US dollar. “

Also, Thiel said that in recent years China has tried to denominate crude oil trade in euros, in an effort to undermine the global position of the dollar.

“I think that he euro can be thought of as part of a Chinese weapon against the dollar. In the last decade it didn’t really work out that way, but China would have liked to see two reserve currencies, like the euro, “he said.

Finally, the businessman conjectured that the Asian giant does not really want its currency, the yuan, to become a global reserve currency, since in that case the Chinese government would be forced to “open its capital accounts”, among other measures that they “really don’t want to carry out.”

“China wants to do things to weaken [el dólar]. The [apuesta] China’s long-term is Bitcoin, and perhaps, from a geopolitical perspective, the US should do some harder questions on how exactly that works. “

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