Anthony Pomplano argued that Bitcoin could undermine the US dollar if the US does not take the lead in adopting it.
Speaking to CNBC on April 8, Morgan Creek Digital co-founder investor Peter Thiel followed a warning that China could use bitcoin (BTC) to destabilize the dominance of the US dollar.
Thiel warns against the Bitcoin threat
“I wonder if Bitcoin should be seen in part as China’s economic weapon against the United States. It threatens paper money, but especially the US dollar,” Thiel said at the Nixon symposium. …
Asked if this was a potential problem, Pomplano was quick to point out that Thiel was not opposed to Bitcoin, and that, like the Internet, it could have both positive and negative consequences for Washington if decision-makers made ill-considered decisions.
“I think we need to understand that Bitcoin is an open and decentralized protocol,” he explained in the “Squawk Box” section of CNBC.
“Everyone in the world has a chance to use it, just like the Internet. So just because other countries, perhaps hostile or non-hostile to the United States, want to use it, does not mean that [Teal] is taking a stand against bitcoin. It is actually the opposite. Hero. ”
The legal landscape around Bitcoin in the United States remains unstable, although some states, particularly Wyoming and Florida, are actively seeking a sanctuary for adoption.
“I think what [Thiel] is doing here,” he says, “look, there is global competition going on here, and there are other countries that will try to use this to try to destabilize the United States or financially hit it,” Pompigliano continued.
“We need the United States to be a leader here. We must accept this, so we must ensure that we use this technology to remain a leader on the global stage. ”
A known headache
The interest of institutional and individual investors in cryptocurrencies in general is still noticeable thanks to the price increase this year.
However, a separate story continues behind these movements – it involves a power struggle centered on the state, especially for some of the power of the Bitcoin network.
The so-called “retail war” can affect any country, including those that have been the target of US sanctions in recent years, such as Iran and Venezuela.
Meanwhile, China’s place in the bitcoin mining game has been known for years, despite the ban on transactions and the central bank’s digital yuan project.