Just like the Internet, Bitcoin can be used in a degree of ways that would affect the US ultimate control over things if the lawmakers do not issue suitable allowances. Because Bitcoin has the potential to subjugate the US dollar, and for that matter, the US government is not considering using it at all. But there are sprouting worries that can be seen and recorded by the financial gurus all around the US that if the US doesn’t make the first move in accepting Bitcoin, then Chine would take advantage and would use it to destabilize the American Dollar’s dominance all over the globe.
Thiel bringing Caution over this New Bitcoin Threat
If, by any chance Chinese government sees it fit to use Bitcoin against the US, then there is no way that the dollar’s dominance over international trade would remain consistent. If you are to consider Bitcoin as a financial weapon that the Chinese against the US can use, consider that it is a threat to the fiat money and USD’s performance within the international market. When someone asked that is it a potential situation, then in its reply Pompliano pointed that it is not a decision of good or bad, and it has never been. The Internet has its own advantages and disadvantages, and for that matter, the same perception applies to Bitcoin as well regarding Washington.
It is not like anyone is against the Internet or Bitcoin. People must have diverse thoughts and conjured up beliefs about the two, which is why policymakers at Washington should be making an informed decision towards this revelation. There is a need to understand that Bitcoin is nothing but an open and decentralized protocol, and how efficiently or wildly it is used depends on the user and their intentions. It doesn’t mean that it should not be adopted or that Thiel is taking an anti-Bitcoin stand; in fact, it is quite the opposite where a sincere request to adopt Bitcoin by the US government has been made on the basis that the Internet was adopted as well despite its negative sides.