Bitcoin

Peter Thiel Believes Bitcoin is a Chinese Weapon

Peter Thiel, a co-founder of PayPal, has made some interesting comments about Bitcoin. While he is one of the foremost Bitcoin advocates and maximalists, he seems to think that the crypto king is a Chinese financial weapon. In a statement made during a round table organized by Richard Nixon foundation, Thiel said that China could be using BTC as a weapon and it could be a threat to the U.S dollar.

Thiel stated that even though he is a Bitcoin maximalist, he ponders over the idea that the asset is part of China’s plan to fight the U.S dollar. He added that while it was a threat to all fiat currency, it was predominantly a threat to the dollar and its continued dominance over the global financial system. He further stated that there was a need for the U.S to be tough on the cryptocurrency for geopolitical reasons. During the roundtable meeting where he linked Bitcoin to China, Thiel also criticized Google and Apple for their closeness to China.

This is not the first time that Thiel is linking Bitcoin to China. In 2019, he put in $50 million in a Texas-based mining firm. His rationale was to act as a counterbalance to the enormous control that China has over crypto mining.

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