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PayPal’s Peter Thiel warns Bitcoin as a potential ‘Chinese financial weapon’ against the United States

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Thiel suggested that the United States ban the TikTok owned by ByteDance in China, similar to India. (Image: Reuters / Jonathan Ernst)

PayPal co-founder and one of Silicon Valley’s leading venture capitalists, Peter Thiel, has warned that Bitcoin could serve as a “ Chinese financial weapon ” that could pose a threat to the United States. At a virtual seminar hosted by the US-based nonprofit Richard Nixon Foundation, Thiel said, “Even though I’m a pro-crypto, pro-Bitcoin maximalist person, I wonder if at this stage, Bitcoin should also be thought about. partly as a Chinese financial weapon against the United States where it threatens fiat currency, but mostly it threatens the US dollar and China wants to do things to weaken it.

Thiel, who also co-founded software company Palantir Technologies and is also a board member of Facebook, added that if China has a long position in Bitcoin, the United States should focus on understanding its position. from a geopolitical point of view. “It’s sort of China’s long bitcoin, and perhaps from a geopolitical standpoint, the United States should be asking more difficult questions about exactly how it works,” he said. . Much of Theil’s conversation during the seminar focused on the relationship between the United States and China which has been tumultuous in recent years and has drawn attention in discussions of trade, politics, military might. , the technological base, etc.

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Thiel suggested that the United States ban TikTok, owned by ByteDance, as has been done in India. “It doesn’t seem like the sort of thing if you turned it off it would be, you know, this economic disaster.” TikTok, Shareit, UC Browser, Likee, WeChat and others were among the 59 apps in the first batch that were banned by the Indian government in June of last year “based on the information available, they are engaged in activities prejudicial to sovereignty. and the integrity of India, the defense of India, state security and public order, ”according to a statement from the Ministry of Electronics and Information Technology.

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According to a study titled Cambridge Bitcoin Electricity Consumption Index from the University of Cambridge, China’s share of global Bitcoin mining was around 65% in April 2020, while the United States accounted for only 7 , 2% of global Bitcoin mining. In addition, China also accounted for nearly 80% of the global crypto trade, consuming a huge amount of electricity that risks undermining its own climate goals, according to a research article published by the journal Nature Communications earlier this week. . The study noted that China’s bitcoin mines will generate 130.5 million metric tons of carbon emissions by 2024. This is close to the annual greenhouse gas emissions of Italy or Arabia. saudi arabia.

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