The US Government was recommended by Peter Thiel, venture capitalist billionaire, and co-founder of PayPal to consider tougher Cryptocurrency(Bitcoin) regulations.
After expressing concern, Thiel made these comments that China used Bitcoin to corrode the U.S. financial system.
On April 7, Thiel gave the members of the Richard Nixon Foundation his rather skeptical commentary on the virtual round table.
“Although I’m a pro-crypto, pro-Bitcoin maximalist, I wonder if Bitcoin should be considered in part as a US Chinese financial weapon at the moment as well,” Thiel said.
Thiel’s comment on bitcoin’s potential use as a “Chinese financial weapons” was followed by his prediction of its threat to fiat money and the US dollar in particular.
This comes with China recently testing its digital currency issued by its central bank (CBDC). According to Thiel, this “inner stablecoin” is just “a kind of totalitarian measuring device.” He urged US policymakers to take these movements from a geopolitical perspective, however.
Taking a stand
Thiel has not leaned towards China for the first time. The venture capitalist supported the San Francisco start-up Layer1 repeatedly in late 2019. This was an effort to raise America as a hotbed against the Chinese and their monopoly on bitcoin mining.
Thiel is not the only one who stands with digital currencies against China’s potential intentions. Kevin O’Leary has recently refused any bitcoin mined in China, the president of the o’Shares ETFs.
While O’Leary did not call China’s cryptofrenzied a threat to the U.S., he was sure to recall China’s ongoing trade war with the U.S. and abusses of human rights.
Peter Thiel is known as a political firebrand. The ball is now the court of decision makers and legislators.