PayPal co-founder and billionaire Bitcoin investor Peter Thiel recently stated in an online meeting that the Chinese Communist Party (CCP) could potentially weaponise the cryptocurrency to destroy the United States Dollar reserve currency status.
Mr Thiel attended the Wednesday meeting, hosted by the Richard Nixon Foundation, alongside former Secretary of State Mike Pompeo. The PayPal co-founder asserted that if Communist China has a long strategy on Bitcoin, the regime could use the cryptocurrency against the US dollar.
“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 US. . .it threatens fiat money, but it especially threatens the dollar,” said Mr Thiel.
Mr Thiel has been a prominent critic of Silicon Valley since he departed his industry position in 2018. The billionaire warns that CCP-affiliated big tech companies such as Google and Facebook are significant threats to US security and stability. He also covered this topic in his Wednesday speech.
Shark Tank co-host Kevin O’Leary has also commented how various institutions refuse to purchase Bitcoin in fear of being exposed to the communist Chinese regime, even labelling the cryptocurrency as “China Coin.”
Coindesk. (April 8, 2021). PayPal Co-Founder, Bitcoin Investor Thiel Says Bitcoin Could Be Chinese ‘Weapon’.