Peter Till “China Uses Bitcoin as an’Economic Weapon’ Against the US”

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[Blockchain Today Reporter Jang Seo-yeon] PayPal co-founder and venture capitalist Peter Thiel warned that China’s central government may be supporting Bitcoin as a means to undermine US foreign and monetary policy. . He added that China used the euro in the same way.

Cointelegraph reported at a virtual event hosted by the conservative non-profit Richard Nixon Foundation, Teill asked whether China’s central bank-issued digital currency (CBDC) could threaten the US dollar’s position as the world’s key currency. Commented on.

Till, known as a pro-Bitcoin personage, argues that “China’s internal stablecoins will be more than any totalitarian measure,” adding that “It is China that sees Bitcoin as a tool to weaken the dollar’s hegemony.”

“From a Chinese point of view, they don’t like the US, which has a key currency. It’s because it gives a tremendous leverage on all kinds of things like the oil supply chain.” “I’m the best pro-cryptocurrency, pro-Bitcoin, but at this point, Bitcoin is a threat to fiat money and especially the US dollar. , I wonder if it should be regarded as China’s financial weapon against the United States.”

Teill cited China’s efforts to price oil trade against the euro in recent years, arguing that it was an effort to weaken the dollar’s international status. “I think you can think of the euro as part of the Chinese weapon against the dollar. “It hasn’t really happened in the last decade, but China would have wanted two key currencies, like the euro.”

The venture capitalist also speculated that China would not have really wanted the RMB (Chinese People’s Currency) to become the world’s key currency. This is the claim that one of the many measures the government says “they really don’t want” is “open the capital account.”

As such, Teal concluded that China’s support for Bitcoin provides an elegant means to weaken the dollar’s position in the international market. “China wants to weaken the dollar. Perhaps from a geopolitical point of view, the United States should have a fierce question about exactly what the effect is.”

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