Saying that China is using bitcoin as a “financial weapon” against the United States, Peter Teal, co-founder of PayPal, called on the Washington administration to reconsider its geopolitical approach to Beijing and bitcoin.
to the Report The Coin Telegraph warns Peter Thiel that China’s central government is likely to support bitcoin as a tool to weaken US foreign and monetary policy. He added that Beijing has tried to use the euro for the same purpose.
Teal spoke about whether the National Bank of China’s national digital currency could threaten the US dollar as a global reserve currency. The speech was delivered at a virtual event hosted by the conservative non-profit Richard Nixon Foundation.
Referring to the Chinese digital yuan, Teil, who is known for his support for bitcoin, said that “an internal stable coin in China” would act as a “totalitarian measuring device.” He added, however, that China may view bitcoin as a tool to break the dominance of the dollar.
The co-founder of People continued:
The Chinese do not like the United States to save this currency [دلار] Have; Because it puts a lot of pressure on oil supply chains and things like that [به آمریکا] Gives.
According to Till:
Although I am a supporter of digital currencies and an extreme supporter of bitcoin, I do not know at this point whether bitcoin should be considered in part as a Chinese financial weapon against the United States that threatens Fiat money. But bitcoin threatens the US dollar in particular.
Teal referred to China’s efforts in recent years to trade oil with the euro, aimed at weakening the global position of the dollar. He stated:
I think the euro can be considered as part of the Chinese weapon against the dollar; This has not really been the case in the last decade, but China has tended to see two reserve currencies, such as the euro.
Teil suggested that China did not really want the yuan to become a global reserve currency, in which case the Chinese government would have to open its own capital accounts in addition to what it was reluctant to do.
Thus, he concludes, supporting bitcoin provides a great tool for China to weaken the dollar internationally:
China wants to weaken [دلار] Do something; China has a long-term goal for Bitcoin, and the United States will probably have to ask more difficult questions geopolitically about how it works.