Former U.S. congressman Ron Paul says that he wants to legalize the dollarâ€™s competition, including bitcoin, and let the people decide which money to use, not the government. â€œFreedom of choice will sort it out,â€ he said.
Ron Paul Wants to Legalize Bitcoin as Money to Compete With Dollar
Former presidential candidate Ron Paul discussed bitcoin as an alternative asset in an interview with Kitco Newsâ€™ Michelle Makori Wednesday. Paul is an American author, physician, and retired politician. The former congressman from Texas launched The Ron Paul Liberty Report in 2015 to bring â€œprovocative opinion and analysis to the breaking issues affecting our lives and finances,â€ its website details.
When asked about his views on bitcoin, Paul said that he knows a lot more about precious metals being money than cryptocurrency. â€œI was fascinated with it for a long long time. But Iâ€™m also fascinated with whatâ€™s coming,â€ he opined.
The former congressman added that â€œpeople ought to have as much freedom as possible to have choices.â€ He then describes a bill he introduced in Congress to â€œnot only audit the Fed but also to get rid of the legal tender laws.â€ He explained that currently, the government will not allow anything to compete with the dollar on the national level, elaborating:
â€œMy concern is that governments over centuries have been notoriously very eager to have control of the money. Believe me, they will not give up control of money,â€ he emphasized.
Paul was asked to elaborate on what he meant by legalizing the competition. He replied: â€œRight now, if you buy and sell gold, you get it taxed, they can do that. If you make a profit in bitcoin, you read stories about people being taxed on it. You canâ€™t tax money, you donâ€™t tax it. If you bought a dollar a year ago and it went down 10%, you canâ€™t take a loss because your dollar lost value.â€
Paul will also be speaking at the Bitcoin 2021 conference Friday. Regarding what he plans to say at the conference, he said: â€œI will argue more the case for the legalization of freedom of choice, and the people should make decisions and not the government.â€
He acknowledged that some people are very enthusiastic about bitcoin and think that it is the only money that will exist, replacing the dollar. However, in his opinion:
Nonetheless, he noted: â€œthe legal tender laws force you to use legal tender, so they wonâ€™t even allow you to replace the dollars with cryptocurrency. There will be laws against that. But, I want to totally legalize it.â€
He further opined: â€œI think our problem isnâ€™t the technicality of the gold standards or crypto. Our problems are the dependency on government and less concern about personal liberty. What about property rights and contract rights? This is what we need to be concentrating on.â€
Do you agree with Dr. Ron Paul on bitcoin? Let us know in the comments section below.
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