Thiel issued these comments after he expressed concerns that the Chinese are using bitcoin to destroy U.S. economics.
Thiel spoke at a virtual roundtable for the Richard Nixon Foundation on April 7.
“Even though I am a pro-bitcoin person, I do wonder if bitcoin should be considered in part as a Chinese financial weapon against America,” said Thiel.
Thiel’s remarks on the potential uses of bitcoin as a financial weapon were followed up by his predictions about its damage to the fiat money of the U.S..
This comes as China recently tested its own central bank digital currency. According to the billionaire, this “internal stablecoin” will be nothing more than, “some kind of totalitarian measuring tool.” However, he did push for American leaders to consider these crypto moves from a geopolitical standpoint.
This is not Thiel’s first time being skeptical towards China. At the end of 2019, the billionaire repeatedly backed the bitcoin mining startup, Layer1 in a goal to help the U.S. increase itself as a mining hotbed against the Chinese.
With Peter Thiel having a reputation for being a political forward thinker. The ball is now in the court of political leaders to choose how to proceed.
Author: Steven Sinclaire