Ron Paul: “if Bitcoin is regulated it will be able to compete against the dollar”
A couple of days ago, former U.S. congressman Ron Paul was interviewed by Kitco News. His words during the interview sounded particularly favorable to the future of Bitcoin, which according to him, could come to compete against the U.S. dollar.
Speaking of Bitcoin, Paul explained that he was fascinated with cryptocurrencies and is very curious about their future:
“I was fascinated with it for a long, long time. But I’m also fascinated with what’s coming,” he said.
Furthermore, Paul explained that Bitcoin is a sign of freedom for him and that people will make their own choices.
“People ought to have as much freedom as possible to have choices.”
The bill introduced in Congress to regulate cryptocurrencies “not only audit the Fed but also to get rid of the legal tender laws.”
This way, according to Ron Paul, Bitcoin could compete with the U.S. dollar, and at that point, people can decide what they prefer.
“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”.
At the same time, however, Paul is realistic and explains that the government will not easily give up control of the money but will want to control Bitcoin.
“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.”
That will also be his speech’s theme this morning at the much-anticipated Bitcoin Conference in Miami starting today, and around which there is a lot of buzz, as many as 15 thousand people are expected.