China Could Use Bitcoin as ‘Financial Weapon’ Against U.S., Peter Thiel Warns

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China Could Use Bitcoin as 'Financial Weapon' Against U.S., Peter Thiel Warns

The well-known China critic also struck US companies doing business in the country.

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April 8, 2021 2 min read

At a virtual event for the Richard Nixon Foundation on Tuesday, PayPal co-founder Peter Thiel warned that China could use Bitcoin as a “financial weapon” against the US, Bloomberg reported for the first time.

Thiel, a well-known proponent of the cryptocurrency, seemed to diminish his enthusiasm for the digital currency when he talked about the relationship between the United States and China.

Related: The Chinese Challenge to Bitcoin is Ready. The central bank distributes $ 1.5 million in e-yuan

“Despite being a pro-crypto-pro-bitcoin maximalist, I wonder if Bitcoin should also be seen in part as a Chinese financial weapon against the US at this point,” he said, while joining former Secretary of State Mike Pompeo and former National Security Advisor Robert O’Brien. “It threatens fiat money, but it particularly threatens the US dollar.”

“Even though I’m a pro-crypto-pro-bitcoin maximalist, I wonder if Bitcoin should be seen as a Chinese financial weapon against the US at this point,” says Peter Thiel, co-founder of @Paypal.

Further information on cryptocurrencies can be found in the #NixonSeminar: pic.twitter.com/sIUQTQEWgr

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

A well-known critic of China, Thiel also asked where Google’s artificial intelligence department employees allowed Chinese officials to use their technology in the Xinjiang region. US government officials have repeatedly criticized China for holding Uyghurs in detention centers in the area. Thiel has also reserved his criticism for other companies – including Apple – that have done business in China.

“Apple is probably the one [tech company] That’s a real problem structurally, ”said Bloomberg. “Apple is the one who has real synergies with China.”

The PayPal co-founder also reiterated the anti-TikTok views of President Donald Trump, whom Thiel supported during the former president’s 2016 campaign. The businessman suggested that the US, like India, should ban the social media platform headquartered in China, citing without evidence the company’s “incredible exfiltration of data on people”. TikTok has repeatedly stated that it does not divulge its users’ information.