China Wants to Weaken the US Dollar Using Bitcoin (BTC)? - Kakiforex | Forex markets for the smart money. China Wants to Weaken the US Dollar Using Bitcoin (BTC)? China Wants to Weaken the US Dollar Using Bitcoin (BTC)?

April 8, 2021

China Wants to Weaken the US Dollar Using Bitcoin (BTC)?

 Most recently, PayPal co -founder Peter Thiel warned China’s central government may support Bitcoin as a strategy of weakening U.S. foreign and monetary policy.


He explained in yesterday's Nixon Seminar, as a pro-crypto and Bitcoin, Thiel admitted to worrying if Bitcoin is used as China's financial weapon in opposing the US.


"From China's point of view, they don't like the US owning the dollar because of its favorable status over the oil supply chain and more."



Thiel also gave another example when China tried to dominate oil trade in euros a few years ago, including trying to weaken the global dollar’s ​​position.


"The euro - can be considered part of the weapon against the dollar but it is not effective. But China clearly wants to see two reserve currencies, such as the euro. ”


However, Thiel also assumed that China did not really want its currency to be a global reserve currency as the country's government had to open a capital account, which could have been avoided.


As a result, China will support Bitcoin (BTC) and weaken the dollar rather than continue to strengthen.