PayPal CEO Warns That Bitcoin Could Be Used Against US By China
Peter Thiel stands as the CEO of PayPal and has recently given a very unique warning to the world at large. Thiel speculates that China could make use of Bitcoin in order to undermine the power of the US Dollar, but warned that this would extend to other major fiat currencies, as well.
BTC Posing A Threat To USD
The Richard Nixon Foundation had organized a virtual event, one where Thiel had explained that Bitcoin could be leveraged as a weapon of non-conventional warfare against the US by China. This is due to how the asset can be leveraged by the nation to destabilized the hegemonic power of the USD.
Thiel stated that he himself was a pro-Bitcoin, pro-crypto type of guy. Even so, he does speculate whether or not Bitcoin could be used for such a purpose as stated above.
Thiel: Euro Is a Threat Too
To hammer his point home, Thiel emphasized the threat Bitcoin, and crypto at large, poses to the very concept of fiat currencies. The US, by virtue of being one of the most dominant fiat currencies in the world, is especially threatened by this concept. As a result of this, Thiel called on US strategists to take developments related to Bitcoin far more seriously when they go around studying the international geopolitical landscape of the world at large.
Now, as one would imagine, Bitcoin hodlers typically don’t take well to someone declaring their favorite cryptocurrency to be a weapon of financial warfare for the CCP. Thiel, however, decided to double down on the offense, declaring the Euro to be a possible Chinese financial weapon as well.
Some Very Unique Conclusions
Explaining such a statement, and quite a statement it is indeed, he explained that China simply doesn’t want the USD to be the dominant currency for the world. This gives the nation an impressive amount of leverage in major industries and supply chains, such as oil.
According to Thiel, China wouldn’t want its own currency to replace it either, the reasoning being that this would make users do “all sorts of things” the CCP doesn’t want when you open your capital account. Thus, the only definitive conclusion, in Thiel’s eyes, is that the Euro could possibly be part of China’s financial weapon against the US. No comment was given on why China wouldn’t want to superimpose its own currency and gain all that leverage itself.