Is Bitcoin a Chinese Financial Weapon?

Automatic TRANSCRIPT

What's going on guys. It is thursday april eight and today we have a juicy one. We're talking about a question. Brought up by peter thiel yesterday. Is bitcoin a chinese financial weapon. So some days. I'll be honest. It's a bit of a struggle figuring out what to dedicate a show to. That's less so in the bull market certainly a little bit more in the bear markets. Other days there's some big news that makes it obvious the most interesting days however are when it's not big news item but a big community discussion that drives the days content so when i saw headlines last night coming out saying that peter thiel a stalwart supporter of bitcoin had said that bitcoin was a weapon of the chinese government and that because of that the us government should be asking more questions about how that works. Oh boy did. I know that this was going to be today's topic. I want to have this conversation in three parts. First i want to look at interpretations of what the actually said second. I want to look at the specific idea of bitcoin as a weapon for the chinese government. And i want to look more broadly at the geopolitical geostrategic battle around the world reserve currency. As i've said innumerable times this is a show about power shifts power so this should be a fun part one. What actually said now i will be honest the parsing and pinching trying to argue what a specific person meant when they said something is actually sort of the least interesting part of this discussion to me much more fascinated in the broader conversation at brings up however there are a lot of people on all sides of this discussion trying to lay claim to the statement itself. So let's look at that first and before we get into interpretations actually listened to what he said from china's point of view. They want to get on. They don't like the us having this reserve currency because it gives us a lot of leverage over iranian oil supply chains and all sorts of things like that they like They don't want the room to become a reserve currency. Because then you have to open your capital count and do all sorts of things that they really don't want to do on the euro you could think of as you know is in part chinese weapon against the dollar didn't last decade hasn't quite worked out that way but that was china we've liked to see to reserve currencies like like the euro and know even though i'm sort of pro crypto pro. Bitcoin maximalist person. I i do wonder whether at this point. Bitcoin is also should also be taught in part of as a chinese of financial weapon against the us. Where it's it is. It threatens fiat money but especially threatens the the us dollar and And china wants to do things to weaken it. So it's sort of china's long bitcoin and perhaps from political perspective The us should be a little bit off some tougher questions about exactly how that works.

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