Venture capitalist and technology investor Peter Thiel has criticized US technology giants Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL) and Apple Inc.. (NASDAQ: AAPL) as well as the bitcoin Bitcoin (BTC) to work against US interests and in favor of China, according to a Bloomberg report.
What happened: During a performance at a virtual event hosted by the Richard Nixon Foundation, Thiel said he thinks Bitcoin could undermine America.
“I do wonder if Bitcoin at this stage should also be considered in part as a Chinese financial weapon against the US,” was Thiel. quoted as said.
The statement is apparently a change of heart by Thiel, the co-founder of PayPal Holdings Inc. (NASDAQ: PYPL) – which is also a major investor in Bitcoin businesses.
During the conversation, which focused mainly on US-China relations, Thiel reportedly asked employees working in Google’s artificial intelligence division to use the company’s technology in the Xinjiang region of China. but they said they did not know it. Thiel had earlier accused Google of working against US interests in 2019.
Thiel also called for greater U.S. investigation into Apple, as the company makes most of its devices in China, where it has a large supply chain, according to the Bloomberg report. Thiel, an early investor in Facebook Inc.. (NASDAQ: FB) criticized the social media giant for refusing to take a stand on protests in Hong Kong last year.
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Why it matters: Apple is heavily dependent on China for its revenue as well as its manufacturing supply chain. Greater China accounts for 19% of Apple’s total revenue and is also the key focus for its global supply chain. Apple was earlier accused of being complicit in violating labor laws by its suppliers in China.
In 2019, Thiel said the FBI and CIA should investigate Google to see if Chinese spies have invaded artificial intelligence research, according to a CNBC report.
In addition, Google has invested $ 550 million in the Chinese e-commerce business JD.com Inc. (NASDAQ: JD) in 2018 in a time of tension between the US and Chinese governments.
Price action: Apple shares closed 1.3% higher at $ 127.90 on Wednesday and rose further by almost 0.4% in the after-hours session.
On the same day, Google shares closed 1.1% higher at $ 2,249.68 and added 0.5% in the after-hours session. Facebook shares rose 2.2% to $ 313.09 and added 0.3% in the after-hours session.
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