Peter Thiel Calls Bitcoin a ‘Chinese financial weapon’

PayPal co-founder Peter Thiel suggested that Bitcoin could end up as a “Chinese financial weapon” aimed at weakening the U.S. dollar. He said this at an event hosted by the Richard Nixon Foundation.

“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 U.S.” says @Paypal co-founder Peter Thiel.

More on cryptocurrencies from The #NixonSeminar: pic.twitter.com/sIUQTQEWgr

— Richard Nixon Foundation (@nixonfoundation) April 7, 2021

“Even though I’m a cryptocurrency advocate, I wonder whether at this stage Bitcoin should be viewed in part as a Chinese financial weapon against the United States … This threatens fiat money, especially the dollar,” Thiel said.

According to the billionaire, authorities should consider tightening regulation of digital assets.

Earlier, Morgan Stanley Investment Management strategist Ruchir Sharma called Bitcoin a possible competitor to the dollar thanks to its growing role as a means of payment.

In January 2021, former Canadian prime minister Stephen Harper suggested that digital gold and CBDCs could supplement the basket of reserve currencies.