Peter Thiel, co-founder of PayPal and venture capital investor, has said in a Richard Nixon Foundation event China is using BTC as a financial weapon in order to weaken the US dollar.
In particular, he has stated:
"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 where it threatens fiat money, but it especially threatens the US dollar."
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The PayPal co-founder believes the US authorities should consider tightening the regulation of digital assets.
According to Thiel, China's support for Bitcoin offers the Asian giant an elegant means of weakening the dollar's position internationally.
Moreover, he believes the digital yuan, the central bank digital currency (CBDC) the country is working on, is nothing more than a kind of totalitarian measuring device, while BTC has the potential to undermine the hegemony of the dollar.