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PayPal CEO says China could use bitcoin to undermine the power of the US Dollar.

The CEO of PayPal, Peter Thiel, said that China could use bitcoin as a financial weapon to undermine the power of the US dollar.


In a virtual event organized by the Richard Nixon Foundation, PayPal CEO Peter Thiel explained that Bitcoin could be used by China as a weapon in the non-conventional war against the United States, taking advantage of its characteristics to counteract the hegemonic power of the US dollar. China has also been working on its national digital currency for a long time and has successfully trialed its CBDC. 

 

“Bitcoin is dangerous to the US dollar.” 

PayPal CEO said, “Even though I’m sort of a pro-crypto, pro-Bitcoin maximalist person, I do wonder whether at this point Bitcoin should also be thought in part of as a Chinese financial weapon against the US” Peter further explained that Bitcoin threatens the very idea of fiat money but is especially dangerous to the US dollar and called on US strategists to take Bitcoin-related developments more seriously when studying the international geopolitical landscape. However, Bitcoin hodlers are not the only ones who might take offense at being called a weapon of the Chinese communist party.

 

PayPal CEO thinks the digital yuan is a “totalitarian measuring device.”

Regarding DECP, the digital currency that China is developing, PayPal CEO believes it cannot be compared to a cryptocurrency and called it a “totalitarian measuring device.” Thiel is not concerned about China’s potential to innovate and create but rather about its power to copy things. In response to Michael Pompeo, he explained that China had not made many advances concerning blockchain technology. Still, if China reaches a position of parity with the United States from a technological point of view, the West would lose its advantage as a world geopolitical dominator. Earlier, several others from the crypto industry had said that Chinese digital currency could threaten the US dollar’s global dominance. 



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