Peter Thiel, a co-founder of PayPal and successful venture capitalist, discussed the threat of China and Bitcoin at a virtual roundtable discussion at the Richard Nixon Foundation.
Thiel explains that the Chinese desire to challenge the US dollar’s status as a reserve currency. Reserve currency status provides the US considerable advantages in international trade.
Thiel views Bitcoin and cryptos as a challenge to fiat currency and the dollar – a phenomenon that China welcomes. He adds that the new Chinese crypto is just a totalitarian measuring device.
