US must embrace Bitcoin to counter Chinese ‘financial attack’ — Pomp

US must embrace Bitcoin to counter Chinese ‘financial attack’ — Pomp


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Bitcoin (BTC) could undermine the US dollar if the US does not take the lead in its adoption, says Anthony Pompliano.

In a speech on CNBC at 8. In April, the co-founder of Morgan Creek Digital responded to investor Peter Thiel’s warning that China could use bitcoin to destabilize the dollar’s hegemony.

Bitcoin threat warning

At this point, I wonder if bitcoin should be seen in part as a Chinese financial weapon against the U.S.; it’s threatening to fail, but more importantly, it’s threatening the U.S. dollar, Thiel said during his speech at a seminar in Nixon.

Asked if this was a potential problem, Pompliano was quick to point out that Thiel was not an opponent of bitcoin, but rather that, like the Internet, it could have both positive and negative consequences for Washington when politicians make unwise decisions.

I think we need to understand that bitcoin is an open, decentralized protocol, he explained on CNBC’s Squawk Box segment.

Everyone in the world has the chance to use it, just like the Internet….. So just because other countries, whether they advertise for the United States or not, will use it, doesn’t mean [Thiel] has an anti-bitcoin stance; in fact, it’s exactly the opposite.

The legal landscape surrounding bitcoin in the US remains a patchwork, although some states, including Wyoming and Florida, are actively trying to become bitcoin adoption havens.

I think [Teal] is doing what he says here: Look, there is a global competition going on here, and there are other countries that will try to use this to destabilize or financially attack the United States, Pompliano continued.

The U.S. needs to be a leader in this area; we need to embrace that, and so we need to make sure we use this technology to continue to be a leader on the world stage.

Familiar headaches

Institutional and retail investor interest in cryptocurrencies in general remains noteworthy due to the price increase this year.

Among these movements, however, another story is unfolding, in which state-centric power is somewhat shaky – namely, the power of the Bitcoin network.

This so-called cannabis war can still fall into the hands of any state, including those that have been subject to US sanctions in recent years, such as Iran and Venezuela.

China’s place in the bitcoin mining game has been known for years now, despite a trade ban and the fact that the country’s central bank is working on the digital yuan project.

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