Ron Paul has long been known as an advocate for liberty. During his time in Congress, Ron led the fight against the Federal Reserve, the Federal Drug Enforcement Agency, and the Department of Homeland Security. He was instrumental in the founding of the Liberty Caucus and the Gold Commission, which produced a report calling for the abolition of the Federal Reserve. Recently, Ron has become a vocal advocate for the cryptocurrencies, warning that the dollar is ‘imploding’.
Former U.S. congressman Ron Paul says legalize Bitcoin and ‘let it compete with dollar’ |
Former U.S. congressman Ron Paul says to legalize Bitcoin and “let it compete with the dollar” | abc.net.auRon Paul, a former 12-term U.S. Congressman from Texas, warned in an interview with Kitco News about the intricacies of current inflation and the government’s crackdown on cryptocurrencies. The former presidential candidate called for the legalization of bitcoin (BTC), advocated for a free market and competition, and warned of the consequences of Federal Reserve (Fed) policies. Former US Congressman Ron Paul on #Bitcoin: It’s a form of money, let it compete with the dollar. – Blockworks (@Blockworks_) 2. June 2021
Gold and Bitcoin
The inflation caused by the Fed’s uncontrolled printing of money will be devastating to the economy, Paul believes. He noted that governments have controlled the currency for centuries and are not willing to give it up, adding that one of the most attractive aspects of cryptocurrencies is the absence of a government and central bank. The devaluation of the dollar has increased interest in bitcoin as a safe haven, but Paul is particularly concerned about it. The dollar will stay, he says, but it won’t be worth much anymore, leading the government to crack down on cryptocurrencies. Ron Paul: Gold and bitcoin under threat of government action – dollar heading for self-destructionhttp://t.co/MD1W4u9hVo pic.twitter.com/gBhbSvZZeR – Ron Paul (@RonPaul) April 1, 2021 He applied the same concerns to bitcoin as he did to gold, citing Roosevelt’s measures in 1933, which restricted gold holdings in the US because the Depression had caused gold hoarding and stunted economic growth. That order was revoked 40 years later under the Ford administration, and Paul warns that something similar could happen again. Our problem is not the technical aspects of the gold standard or cryptocurrencies, our problem is the dependence on government and the lesser concern for individual freedom, he said, adding that we need to focus on property rights and contracts.
Nothing defined except death and taxes
Paul predicts that the government will become increasingly aggressive as bitcoin becomes more successful. One of the easiest ways to fund the Fed is through the tax code. If someone buys and sells gold, they are taxed, they can do that. If you make a profit in bitcoins, read the stories of people being taxed, he said, adding: You can’t tax money, you shouldn’t tax it. If you bought a dollar a year ago and it dropped 10%, you can’t take a loss because your dollar became worth less. The Securities and Exchange Commission (SEC) is fighting the market with lawsuits as the government continues to insist that cryptocurrencies are taxable because the IRS defines them as property and not currency.
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According to the former Republican candidate for president, reserve currency status is the only thing standing in the way of a decentralized digital currency. Speaking at the Trans-Border Institute in San Diego, he said “Let’s legalize bitcoin and let it compete with the dollar.” His comments came just a day after he led a rally in front of the Federal Reserve Bank of San Francisco.. Read more about what happened to ron paul and let us know what you think.
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