The Central government of China may be supporting Bitcoin as a mechanism to violate the foreign an monetary policy of United States. According to Peter Thiel, the founder of Paypal.
The Chinese government has tried using Euro in the same way.
Theiel has commented on whether China’s cenral bank issued digital currency or CBDC could threaten the US dollar’s status as a global reserve currency in a virtual event anchored by conservative non-profit, the Richard Nixon Foundation.
According to Thiel, an internal stablecoin in Chin will amount to little more than some of the totalitarian measuring device and the dollar hagemoney may be eroded by the Chinese Bitcoin. Thiel is also known as a Pro-Bitcoin.
The United States having this reserve gives a lot of leverage over oil supply chains and all sorts of things like:
“Even though I’m a pro-crypto, pro-Bitcoin maximalist person, I do wonder whether if at this point, Bitcoin should also be thought of in part as a Chinese financial weapon against the U.S. where it threatens fiat money, but it especially threatens the U.S. dollar.”
Thiel alluded to Chinese efforts to denominate oil trades in Euros during recent years in a bid to undermine the global standing of the dollar, stating: “I think the Euro, you can think of as part of a Chinese weapon against the dollar — the last decade didn’t really work that way, but China would have liked to see two reserve currencies, like the Euro.”