PayPal co-founder Peter Thiel is suspicious of the Chinese central government and its motives. This venture capitalist hints that the Chinese central government has some ill-motives in showcasing its support for Bitcoin. The official explains the support as a strategy for the government to frustrate the United States’ foreign and monetary policy. The official’s remarks continue eliciting mixed reactions among people worldwide.
The Chinese government’s motive
Thiel has also cast blame on the Chinese central government, outlining that it has done a lot to undermine the Euro and that it is high time the United States woke up and faced reality.
The leader spoke at a Richard Nixon Foundation virtual event hosted recently when he spoke about the matter. The Richard Nixon Foundation happens to be one of the most dynamic non-profit organizations. Thiel’s invitation to speak got him taking a rather interesting perspective regarding China’s motives with Bitcoin.
Thiel spoke quite elaborately about the country’s central bank issues digital currency and its impact. He believes that the CBDC could end up posing a major threat to the dollar, which happens to be the current global reserve currency.
Thiel has, over the years, stood out as a pro-Bitcoin, and his recent remarks come as a shocker to most people. The leader comes out as rather pessimistic about China’s motives, highlighting that Bitcoin might be used as a tool to undermine the dollar’s hegemony.
Threat lurks on the dollar
China happens to have its point of view on the matter, outlining its opposition to the U.S continued hold of the reserve currency. The country claims that the US doesn’t conduct matters the right way regarding the oil supply chains and other closely linked activities.
Thiel defends China at some point, outlining that it doesn’t have any motives to turn its renminbi into a global currency. Thiel believes China would have to exert much effort to reach such a goal. For example, it would be necessary that the Chian Government opens up its capital accounts and observes some other more important measures. Thiled outlines that the Chain isn’t open to undertaking most of the set requirements.