PayPal co-founder and venture capitalist Peter Thiel says China could use bitcoin as a financial weapon against the U.S, according to Decrypt. As bitcoin becomes a functional reserve currency, the dollar will be less dominant and China will be least affected by American monetary and foreign policy.
Thiel dismissed that a digital Yuan will be a threat to the dollar and termed the coin issued by China’s central bank as “some sort of a totalitarian measuring device.
U.S Secretary of State Mike Pompeo agreed that a digital Yuan has a huge impact on China’s surveillance capacity.
Pompeo feels that a digital Yuan would allow China to make cross-border transactions that would override U.S sanctions.
Thiel has invested in multiple crypto ventures including bitcoin mining company Layer 1 Technologies and blockchain development platform Alchemy.
Bitcoin is currently gaining. BTCUSD is up 1.14%