peter thiel bitcoin chinese financial

It is a two-edged thing in that way,” he said in response to a question about Palantir’s China policy.

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Thiel also took a swing at Apple and Google for working with China during the seminar.

Palantir says in its August SEC filing that the company’s leadership “believes that working with the Chinese communist party is inconsistent with our culture and mission.”

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“We do not consider any sales opportunities with the Chinese communist party, do not host our platforms in China, and impose limitations on access to our platforms in China in order to protect our intellectual property, to promote respect for and defend privacy and civil liberties protections, and to promote data security,” it states.

Peter thiel bitcoin chinese financial weapon

They are instead controlled by users and computer algorithms.

Thiel expressed concern with the Chinese government’s goal to weaken the U.S. dollar.

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“Perhaps from a geopolitical perspective, the U.S. should be asking some tougher questions about exactly how that works,” he said.

Thiel also described the cryptocurrency as a “vaguely libertarian technology” and artificial intelligence (AI) as “kind of communist,” saying that despite the fact that the U.S. is “ahead of the basic science of AI, China is willing to apply it and turn the entire society into a face recognition surveillance state that is far more intrusive and totalitarian than even Stalinist Russia was.”

“That is something we are not willing to do.

Peter thiel calls bitcoin ‘a chinese financial weapon’ at virtual roundtable

When asked by the moderator whether China’s plan of a digital yuan would be a threat to the dollar, Thiel responded that since it is issued by the country’s central bank, it was “some sort of a totalitarian measuring device. The billionaire dismissed the digital yuan, emphasizing that it is not “a real cryptocurrency.”

Fears over China’s assumed control over Bitcoin continues to loom.
Another major concern is that Bitcoin is more likely to serve as a functional reserve currency, said Thiel. If the greenback becomes less dominant, the less affected China is by the monetary and foreign policies in the US.
Thiel explained:

It threatens fiat money, but it especially threatens the US dollar.

Iranian oil supply chains and all sorts of things like that,” Thiel said Tuesday at the Nixon Seminar on Conservative Realism and National Security, a monthly gathering of foreign affairs experts who analyze U.S. foreign policy, when asked about China’s prospective plan to create a digital currency.

He continued: “… And, even though I’m sort of a pro-crypto, pro-Bitcoin maximalist person, I do wonder whether at this point Bitcoin should also be thought in part of as a Chinese financial weapon against the U.S.”

Bitcoin, which reached a record $61,000 value in March, is a type of digital currency, or cryptocurrency, that owners can exchange over the internet. Cryptocurrencies are decentralized, meaning they are not controlled by any specific government or central banking system, unlike cash or debit and credit cards.

Peter thiel bitcoin chinese financially

Peter Thiel is ‘procrypto’ and ‘pro-Bitcoin maximalist,’ but he also thinks the cryptocurrency may be undermining America. Thiel, the venture capitalist and conservative political donor, urged the US government to consider tighter regulations on cryptocurrencies in an appearance on Tuesday.
The statements seemed to represent a change of heart for Thiel, who is a major investor in virtual currency ventures as well as in cryptocurrencies themselves.

“I do wonder whether at this point, Bitcoin should also be thought [of] in part as a Chinese financial weapon against the US,” Thiel said during an appearance at a virtual event held for members of the Richard Nixon Foundation.

Peter thiel bitcoin chinese financials

Tech investor and PayPal co-founder Peter Thiel believes China can use the cryptocurrency Bitcoin as a “financial weapon” against the U.S.

Thiel is also the co-founder of Palantir, a data software company that has hundreds of millions of dollars worth of contracts with the U.S. and foreign governments that use its technology for law-enforcement purposes. Palantir said in an August 2020 SEC filing that it does not “work with the Chinese communist party and have chosen not to host our platforms in China, which may limit our growth prospects.”

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“From China’s point of view, they want to get — they don’t like the U.S.

He further posed the question of whether Bitcoin should be “thought of in part as a Chinese financial weapon against the US.”

The billionaire venture capitalist said China would want to see two global reserve currencies, rather than the US dollar being the default reserve currency. According to Thiel, China is not aiming for its national currency to fill that role but rather to turn another currency into a weapon against the dollar — Bitcoin. China previously tried and failed at this attempt with another currency — the euro.

This comes at a time where the world’s second-largest economy is about to expect its own central bank digital currency, the digital yuan.

If China’s long Bitcoin, perhaps from a geopolitical perspective, the US should be asking some tougher questions about exactly how that works.

During the virtual seminar, former Secretary of State Mike Pompeo agreed that the digital yuan “has a huge impact” on China’s surveillance capacity and that it could also enable the bypass of US sanctions.

US is falling behind on crypto regulations

Securities & Exchange Commission (SEC) Commissioner Hester Peirce warned that the US is falling behind other countries in issuing a regulatory framework for blockchain and cryptocurrencies. She stated:

I think we’re certainly falling behind the curve.
We’ve seen other countries take a more productive approach to regulating crypto.

It threatens fiat money, but it especially threatens the US dollar.” He added: “[If] China’s long Bitcoin, perhaps from a geopolitical perspective, the US should be asking some tougher questions about exactly how that works.”

Thiel was joined by former Secretary of State Mike Pompeo and former National Security Advisor Robert O’Brien. The conversation between Thiel, who has frequently criticised American companies that do business with Beijing, and two hawkish former members of the Trump administration, was largely focused on U.S.-China relations. It was moderated by Hugh Hewitt, the talk radio host and the chief executive of the Nixon Foundation. Forbes previously reported some details of the event.

During the talk, Thiel expanded upon previous criticism of Alphabet Inc’s Google, which he accused of working against American interests in a 2019 speech.

  • Billionaire venture capitalist Peter Thiel poses the question of whether Bitcoin will be used by China as a financial weapon.
  • This comes at a time where China is rolling out its digital yuan.
  • Thiel believes that China would want two global reserve currencies, neither being the US dollar.
  • Peter Thiel, founder of PayPal and Palantir, recently urged the United States government to have a tighter grasp of cryptocurrency regulations in the country.

    Bitcoin is likely to serve as a functional reserve currency

    Speaking at a virtual event for the conservative Nixon Seminar, Thiel, a pro-Bitcoin maximalist, opined on whether China would win a financial arms race with the United States.

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