PayPal CEO: Bitcoin could be a Chinese weapon
- The CEO of PayPal is skeptical of China's underlying motives.
- He asked the land strategists to be very careful as this could be a weapon.
- He also deplored Apple (NASDAQ 🙂 and Google's relationship with China.
PayPal co-founder Peter Thiel may love crypto, but is skeptical of China's motives for Bitcoin.
Thiel shared his concerns at an online event hosted by the Richard Nixon Foundation. He noted that China could use BTC as a financial weapon against the dominance of the US dollar. When asked by host Hugh Hewitt about China's threat to the dollar, the entrepreneur didn't look hopeful. He said,
"Although I'm a kind of pro-crypto-pro-Bitcoin maximalist, I wonder whether Bitcoin should also be partially thought of as a Chinese financial weapon against the US at this point."
He added that Bitcoin poses a threat to the idea of fiat currency. That way, it's very dangerous for the US dollar. Thiel also urged national strategists to exercise great care in handling Bitcoin-related changes in the international geopolitical landscape.
The Global Tech Race
China's ability to innovate and outperform the US was out of the question. Rather, Peter Thiel focused on China's power to copy things. He accepted that China hadn't made much progress in blockchain technology. However, it may still be able to reach a parity position in the US. This could lead to the West losing its advantage as world ruler.
In this context, he also regretted the relationships of large technology companies with China, in particular with Google (NASDAQ 🙂 and Apple. He also took note of China's evolving stablecoin and refused to refer to it as a cryptocurrency. Instead, he declared that it was a "totalitarian measuring device".
In a pro-crypto move, PayPal recently enabled its customers to store, buy and sell crypto through its platform. It has also enabled customers to buy using crypto, which is currently only available to the US.
This article was first published on coinquora.com
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