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IPFS News Link • China

Peter Thiel: China Using Bitcoin as a 'Financial Weapon'

•, BeInCrypto Staff

Thiel made these comments after he expressing worry the Chinese are using bitcoin to corrode the U.S. financial system.

Bitcoin boogeyman

Thiel gave his more-than-skeptical sounding comments at a virtual roundtable for members of the Richard Nixon Foundation on April 7.

"Even though I'm a pro-crypto, pro-bitcoin maximalist person, I do wonder whether at this point, bitcoin should also be thought [of] in part as a Chinese financial weapon against the U.S," said Thiel.

Thiel's comment on the potential use of bitcoin as a "Chinese financial weapon" was followed by his forecast of its threat to fiat money and the U.S. dollar specifically.

This comes as China recently trialed its central bank-issued digital currency (CBDC). According to Thiel, this "internal stablecoin" will amount to nothing other than, "some sort of totalitarian measuring device". However, he did urge U.S. policymakers to consider these crypto-forward moves from a geopolitical point of view.