‘Financial weapon’: Bitcoin becomes another factor in China-US contest

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Even as bitcoin soars in price and enjoys a wider demand as an asset, Australian investors and analysts are divided over its longer-term implications for cryptocurrency on the world.Sydney-based venture capitalist Mark Carnegie says that although bitcoin is flawed, cryptocurrency points to new possibilities for global finance that Australian policymakers ignore at their peril.“China understands that this is their weapon to replace the US dollar as the world’s reserve currency,” says Carnegie, of M.H Carnegie & Co. “And Australia is ignoring the whole issue.”Days before the first-ever listing of a crypto exchange, Coinbase, valued at $US67 billion that marked a crossover moment for cryptocurrency, PayPal co-founder and tech investor Peter Thiel opined to a California audience that bitcoin could be used as a “financial weapon” against the US.Bitcoin “threatens fiat money but it especially threatens the US dollar and China wants to do things to weaken [the US dollar],” said…

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