Former U.S. congressman Ron Paul says legalize Bitcoin and ‘let it compete with dollar’ ๐จ This article is 3 years old...
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Former U.S. congressman Ron Paul says legalize Bitcoin and ‘let it compete with dollar’
Former congressman Ron Paul shared his concerns on the governmentโs intervention on crypto.ย
2 min read
Updated: Jun. 3, 2021 at 3:21 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ron Paul, former 12-term US Congressman from Texas, warned about the intricacies of the current inflation and the government’s crackdown on crypto in an interview for Kitco News.
The former presidential candidate argued his case for the legalization of Bitcoin (BTC), advocating free market and competition, as he warned about the consequences of Federal Reserve (Fed) policies.
Former US Congressman Ron Paul on #Bitcoin:
Itโs a form of money, let it compete with the dollar
— Blockworks (@Blockworks_) June 2, 2021
Gold and Bitcoin
Corona-charged inflation due to unchecked money printing from the Fed is going to be detrimental for the economy, according to Paul. He pointed out that governments have controlled the money for centuries and are not going to give it up, adding that โone of the most appealing aspects of crypto is the absence of government and central banking.โ
The debasement of the dollar caused rising interest in Bitcoin as a safe-haven asset, but Paul is particularly concerned about that. According to him, โthe dollar will stick around, but wonโt be worth much,โ leading to the government’s crackdown on cryptocurrency.
Ron Paul: Gold & Bitcoin At Risk of Government Crackdown – Dollar Is Going To Self-Destructhttps://t.co/MD1W4u9hVo pic.twitter.com/gBhbSvZZeR
— Ron Paul (@RonPaul) April 1, 2021
He applied the same concern to Bitcoin as to gold, referring to Rooseveltโs move from 1933, which imposed limitations on gold ownership in the US under the pretense that the depression caused “hoarding” of gold and was stalling economic growth.
The order was repealed during the Ford administration 40 years later and Paul is warning something similar could happen again.ย
โOur problem isnโt the technicalities of gold standard or crypto, our problem is the dependency on government and less concern about personal liberty,โย he said, adding we should concentrate on property and contract rights.
Nothing is certain except death and taxes
Paul is predicting the government will become increasingly aggressive as Bitcoin gets more successful. One of the simplest ways to fund the Fed is through tax regulations.ย
“Right 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, he said, adding:
โYou can’t tax money, you don’t tax it. If you bought a dollar a year ago and it went down 10%, you can’t take a loss because your dollar lost value.”
The Securities and Exchange Commission (SEC) tackles the market through lawsuits as the government keeps insisting crypto is taxable because the IRS identifies it as property, not currency.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.