Bitcoin News and Finance
Ron Paul Wants Bitcoin Totally Legalized to Compete With Dollar and Let the People Decide Skip to main content

Ron Paul Wants Bitcoin Totally Legalized to Compete With Dollar and Let the People Decide

Ron Paul Wants Bitcoin Totally Legalized to Compete With Dollar and Let the People Decide

Former U.S. congressman Ron Paul says that he wants to legalize the dollar’s competition, including bitcoin, and let the people decide which money to use, not the government. “Freedom of choice will sort it out,” 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 News’ 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 “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,” he emphasized.

Paul was asked to elaborate on what he meant by legalizing the competition. He replied: “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.”

Paul will also be speaking at the Bitcoin 2021 conference Friday. Regarding what he plans to say at the conference, 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.

Nonetheless, he noted: “the legal tender laws force you to use legal tender, so they won’t even allow you to replace the dollars with cryptocurrency. There will be laws against that. But, I want to totally legalize it.”

He further opined: “I think our problem isn’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.”

Do you agree with Dr. Ron Paul on bitcoin? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory