China may be using Bitcoin as ‘financial weapon’ against U.S., says Peter Thiel

China may be using Bitcoin as ‘financial weapon’ against U.S., says Peter Thiel

At the The Nixon Seminar, which featured guest speakers such as  @PayPal co-founder Peter Thiel on April 6th for dialogue with Mike Pompeo, Robert O’ Brien, and 15 Seminar members held a discussion on Big Tech and China.

The discussion transition to cryptocurrency and the question was asked, “What Do We Need from the Silicon Valley”?

Peter Thiel responded;

“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.”

China needs to make more fundamental economic reforms for the renminbi to gain reserve status;

China is the first major economy to issue a blockchain-enabled, digital version of its currency, the yuan, and this development has some in Washington worried that the U.S. dollar’s status as the global reserve currency is under threat.

Last week PayPal, in a continuation of its plans to more thoroughly encourage the use of cryptocurrency,

announced it will allow users to pay in Bitcoin (BTC) and other leading digital assets upon checkout with various vendors.

Cryptocurrency is considered volatile because of how much and how quickly its value can change. Like all currencies, there’s potential for gains and losses.

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