Tech investor and co-founder of PayPal, Peter Thiel, believes China can use the Bitcoin cryptocurrency as a “financial weapon” against the US.
Thiel is also co-founder of Palantir, a data processing software company that has hundreds of millions of dollars in contracts with US and international governments that use its technology for law enforcement purposes. Palantir said in an August 2020 statement to the Securities and Exchange Commission that it “is not working with the Chinese Communist Party and has decided 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 that the US has this reserve currency because it gives us a lot of leverage over Iranian oil supply chains and all that,” Thiel said Tuesday at the Nixon Conservative Seminar. Realism and National Security, a monthly meeting of foreign affairs experts analyzing US foreign policy when asked about China’s forward-looking digital currency plan.
He continued, “… and while I am somewhat of a cryptocurrency proponent and Bitcoin advocate maximalist, I am really wondering if Bitcoin should be viewed as part of China’s financial weapon against the US at this point.”
Bitcoin, which hit an all-time high of $ 61,000 in March, is a form of digital currency or cryptocurrency that can be exchanged over the Internet by its owners. Cryptocurrencies are decentralized, which means they are not controlled by any specific government or the central banking system as opposed to cash or debit and credit cards… Instead, 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 perspective, the US should ask tougher questions about how exactly this works,” he said.
Thiel also described cryptocurrency as “slightly libertarian technology” and artificial intelligence (AI) as “kind of communist,” stating that while the US is “ahead of the fundamental science of AI, China is ready to apply it and transform society into a face recognition surveillance state that is far more intrusive and totalitarian than even Stalin’s Russia was.
“We don’t want to do this. It’s a two-edged approach, ”he said when asked about Palantir’s China policy.
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Thiel also criticized Apple and Google for working with China during the workshop.
Palantir said in an August SEC report that the company’s management “believes that working with the Chinese Communist Party is incompatible with our culture and mission.”
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“We do not consider selling with the Chinese Communist Party, do not host our platforms in China, and impose restrictions on access to our platforms in China to protect our intellectual property and promote respect and protection of privacy and civil liberties. data protection and security, ”the message says. “Our decision to avoid this large potential market could limit our growth prospects and could adversely affect our business, results of operations and financial condition, and we will not be able to compete successfully with our current or potential competitors who choose to work in China.”