wNews: Bitcoin “Threatens” the Dollar, Says Peter Thiel

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This week’s wNews digs into Peter Thiel’s recent comments surrounding Bitcoin’s threat to the U.S. dollar and how this plays into China’s hands. 

Thiel has often made headlines throughout his career. A master of the inflammatory soundbite, the PayPal founder again took the media industry by storm. During a roundtable discussion at the Richard Nixon Seminar, he and others discussed Big Tech and China as the two were related to American national security matters. 

A notable Bitcoin advocate, Thiel also described the leading digital asset as a “financial weapon” that China could use against the great red, white, and blue. Many were quick to call it the end of the entrepreneur’s pro-crypto stance. Others chalked it up to another 4D chess move from the grandmaster. 

Bears overran BTC on the day, but the leading cryptocurrency is now inches from all-time highs. Ethereum has done much of the same, officially crossing its local high today. Several conflicting indicators now suggest several narratives are at play for both assets. 

Finally, this week’s crypto to-do list merges two of the hottest trends: DeFi and Layer 2.  

All that and more, below.

Thiel’s Breach of Bitcoin Maximalism

Peter Thiel has long been an outspoken advocate of all things privacy, liberty, and free markets. It’s thus only natural that the entrepreneur eventually discovered Bitcoin. His comments on Apr.7, however, suggested that perhaps his fervor for the asset is waning. 

At the Richard Nixon Seminar, he said: 

“Even though I’m a pro-crypto, pro-Bitcoin maximalist person, I do wonder whether if at this point Bitcoin should also be thought of in part as a Chinese financial weapon against the U.S.”

The context of this quote is also crucial. 

Various former government officials dotted the audience, including Mike Pompeo and Robert O’Brien. Both officials were responsible for national security in the United States under Donald Trump. Indeed, both…

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