Bitcoin can be a Chinese financial weapon that can be used against the monetary status of the US dollar, PayPal co-founder and billionaire investor Peter Thiel noted.

Thiel argued that if China has long bitcoins, then the cryptocurrency could pose a threat to the status of the reserve currency of the US dollar. The comments come at a time when concerns about China's alleged control over bitcoin are re-emerging, CoinDesk reports.

Thiel, now best known for his investment firm Thiel Ventures, has openly criticized Silicon Valley since leaving the tech industry in 2018, arguing that companies like Google and Facebook pose a threat to the US given their ties to China.