Is bitcoin now becoming political?

Peter Thiel a well known investor is usually a crypto fan and thinks bitcoin is good. But now the BTC could be used as a weapon against China. Many crypto miners are located in China, up to 2/3 of the total farms. Coal power is cheap here and that attracts investors.

The dollar as the world currency is getting cracks.

For some time now, BTC and the entire family of cryptocurrencies has become a real alternative to the dollar. The dominance of the dollar is clearly on the decline.

The Chinese as a rising nation does not have a powerful currency. The yuan is now even to get a futures market to generate more trading volume. Whether this measure or the digital yuan will help remains to be seen.

The BTC already has some power and that could be exploited.

The US does not like to lose influence and especially not in its own currency. It could well be suspected that the Chinese supported the BTC and thus want to weaken the dollar. If the crypto market is politicized now, times will not get easier.

Source: Finanzmarktwelt