Former Presidential Candidate, Ron Paul, Wants Bitcoin To Be Legalized

Former Presidential Candidate, Ron Paul, Wants Bitcoin To Be Legalized

Former US congressman Ron Paul says he wants to legitimize the dollar’s competitors, such as bitcoin, and let the people, not the government, pick which currency to use. He said, “Freedom of choice will sort it out.”

Ron Paul: Legalize Bitcoin As Money To Compete With Dollar

In an interview with Kitco News’ Michelle Makori on Wednesday, former presidential candidate Ron Paul explored bitcoin as an alternative asset. Paul is an author, physician, and former politician from the United States. The Ron Paul Liberty Report was founded in 2015 by the former Texas congressman Ron Paul to help bring “provocative opinion and analysis to the breaking issues affecting our lives and finances,” 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. “I was fascinated with it for a long long time. But I’m also fascinated with what’s coming,” he opined.

The former congressman added that “people ought to have as much freedom as possible to have choices.” He then describes a bill he introduced in Congress to “not only audit the Fed but also to get rid of the legal tender laws.” He explained that currently, the government will not allow anything to compete with the dollar on the national level, elaborating:

“My goal is to legalize the competition and the people will sort it out. Freedom of choice will sort it out. My 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.”

Paul was questioned about what he meant when he said the competition should be legalized. He noted in response that: “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. You 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.”

Related article | US Congressman Says That Congress Isn’t Prepared To Pass Crypto Legislation

The Ex Congressman Will Speak At The Bitcoin Conference

On Friday, Paul will speak at the Bitcoin 2021 conference. In terms of what he’ll say during the conference, he noted that he make a case for the freedom of choice.

He said;

“I will argue more the case for the legalization of freedom of choice, and the people should make decisions and not the government.”

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:

I think the dollar is going to be around but it’s not gonna be worth much.

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