Pomp: United States Need To Espouse BTC To Counter Chinese ‘Financial Attack’

Talking to CNBC on 8th April, the Morgan Creek Digital co-founder followed up on a cautionary note from investor Peter Thiel that China might use BTC to destabilize supremacy of USD. As per Anthony Pompliano, without appropriate grants from policymakers, Bitcoin, similar to the internet, can be used in ways that could compromise U.S. competence.

In an appearance at the Nixon Seminar, Thiel said,

“I do wonder at this point whether Bitcoin is to be thought of, in part, as a Chinese financial weapon against the U.S. It threatens fiat money, but it especially threatens the U.S. dollar.”

While elucidating to CNBC’s “Squawk Box” segment, he said,

“I think what we’ve got to understand is that Bitcoin is an open, decentralized protocol.”

“Everyone in the world has an opportunity to use this, just like the internet. And so, just because other countries, maybe adversarial or not to the United States, are going to use it, it doesn’t mean [Thiel] is taking an anti-Bitcoin stance. Actually, it’s quite the contrary.”

The legal scenario surrounding BTC in the U.S. remains a patchwork one, in spite of some specific states, especially Florida and Wyoming, actively looking for becoming a haven for its acceptance.

Pompliano continued,

“I think what [Thiel] is doing here is he’s saying, ‘Look, there’s a global competition happening here, and there are other countries who are going to try to use this to try to destabilize or financially attack the United States.”

Meanwhile, the place of China in the BTC mining business, has been well acknowledged for years, notwithstanding a prohibition on transacting and its central bank’s digital yuan project.