China may be using bitcoin as ‘financial weapon’ against the US, says Peter Thiel

<div id=”js-article__body” itemprop=”articleBody” data-sbid=”WP-MKTW-0000224779″>

Billionaire venture capitalist Peter Thiel is concerned that China is using bitcoin to undermine the US PLTR, -1.59% and the Founders Fund said that bitcoin “threatens fiat money, but especially threatens the US dollar.”

media-object type-InsetPullQuote inline scope-web|mobileapps article__inset article__inset–type-InsetPullQuote article__inset–inline “>

Even though I am a pro-crypto, pro-bitcoin maximalist person, I wonder if at this point bitcoin should also be thought about [of] partly as a Chinese financial weapon against the United States ”” – Peter Thiel

Thiel said China would like to see two global reserve currencies, rather than the dollar being the default reserve currency. But China does not want its renminbi to play that role, and in the past it has used the euro “in part” as a weapon against the dollar. That hasn’t worked, so now China is trying to raise Bitcoin, Thiel argued. “[If] China’s long bitcoin, perhaps from a geopolitical perspective, the United States should be asking some more difficult questions about how exactly it works, ”he said. See also: The US is ‘behind the curve’ in crypto regulations, says SEC Commissioner Peirce China, recently launched a blockchain-enabled digital version of its currency, the yuan, but Thiel dismissed that move . “That is not a real cryptocurrency, it is just a kind of totalitarian measuring device,” he said. Bitcoin BTCUSD, + 0.53% on Wednesday was above $ 56,000 and again approached its record price of $ 60,738, according to Coindesk. The price of bitcoin is up 95% to date and a whopping 674% in the last 12 months.