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Technology Investor and PayPal Co-Founder Peter Thiel Believes China May Use Bitcoin Cryptocurrency As “Financial Weapon” Against United States
Thiel is also the co-founder of Palantir, a data software company that has hundreds of millions of dollars in contracts with US and foreign governments that use its technology for law enforcement purposes. Palantir said in an August 2020 SEC filing that he is “not working with the Chinese Communist Party and has chosen not to host our platforms in China, which could limit our growth prospects. “.
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“From China’s point of view, they want to get – they don’t like the US having this reserve currency because it gives us a lot of leverage on Iranian oil supply chains and all kinds of things like that, ”Thiel told 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 potential plan to create a digital currency.
He continued, “… And, while I’m sort of a pro-crypto, pro-Bitcoin maximalist person, I wonder if at this point Bitcoin should also be viewed in part as a Chinese financial weapon against United States.”
Bitcoin, which hit a record $ 61,000 in March, is a type of digital currency, or cryptocurrency, that owners can exchange over the internet. Cryptocurrencies are decentralized, which means that they are not controlled by any specific government or central banking system, unlike cash or debit and credit cards. Rather, they are controlled by users and computer algorithms.
Thiel expressed concern about the Chinese government’s goal of weakening the US dollar.
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“Perhaps from a geopolitical point of view, the United States should be asking more difficult questions about exactly how this works,” he said.
Thiel also described cryptocurrency as “vaguely libertarian technology” and artificial intelligence (AI) as “a kind of communist,” claiming that despite the fact that the United States is “ahead of the basic science of AI, China is ready to apply it and turn all of society into a facial recognition surveillance state that is far more intrusive and totalitarian than even Stalinist Russia was. “
“It’s something we’re not prepared to do. It’s a double-edged sword that way,” he said in response to a question about Palantir’s Chinese policy.
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Thiel also made a jump to Apple and Google for working with China during the seminar.
Palantir said in his August SEC filing that company management “believes that working with the Chinese Communist Party is incompatible with our culture and our 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 restrictions on access to our platforms in China in order to protect our intellectual property, promote respect and defend life. privacy and civil liberties protections, and to promote data security, “he said.” Our decision to avoid this large potential market may limit our growth prospects and could have a negative impact on our business, our results of operations and our financial condition, and we may not compete successfully with our current or potential competitors who choose to work in China. “
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