Washington has received yet another warning about the dangers of inertia in the bitcoin (BTC) sphere, with a leading investment guru and political donor claiming that the United States could be neglecting the token at its own peril – and playing directly into Beijing’s hands.
Speaking at a virtual roundtable event arranged by the Richard Nixon Foundation, the Palantir CEO and founder Peter Thiel suggested that China may be taking a “long bitcoin,” strategy – and if that were the case if “from a geopolitical perspective,” Washington “should be asking some tougher questions about exactly how that works.”
Theil, who is also the co-founder of PayPal, stated at the event,
“Some internal stablecoin in China – that’s not a real cryptocurrency. That’s just some sort of a totalitarian measuring device.”
He also claimed that other fiats like the euro were also part of the Chinese “weaponry” in its struggle to knock the dollar off its perch.
“The best way to protect yourself against your enemies being long bitcoin is for you to go even longer bitcoin.”
Others, such as the ex-chief technology officer of Coinbase and former General Partner at Andreessen Horowitz Balaji Srinivasan, thought that some commentators had misinterpreted Thiel’s remarks, and wrote that they were made “jokingly” and were part of an “obvious rhetorical overstatement, meant to poke the US for [its] complacency on innovation.”
Marc van der Chijs, entrepreneur, crypto-focused venture capitalist, and co-founder of VC firm First Block Capital, wrote,