Former Republican congressman and presidential candidate Ron Paul says he’s in favor of cryptocurrencies and blockchain expertise as a result of he likes competing currencies. Ron Paul delivered his remarks in a “Squawk Alley” interview on CNBC on July 15.
In accordance with Paul, cryptocurrencies are an awesome thought, and governments ought to solely step in to manage the house to stop fraud:
“… I’m for the least quantity of regulation. I don’t know what’s gonna occur to cryptocurrencies. I believe it’s an awesome thought. And I solely have one rule: no fraud … I believe that the federal government has a job. And [if] any individual has a case that there’s fraud, I believe it must be investigated … What I need to do is legalize the liberty of selection, absent blatant fraud.”
Ron Paul additionally drew a number of comparisons to the standard asset gold. A technique wherein Paul seems to suppose gold is much like crypto is that each are property competing with fiat cash. Paul stated, “governments aren’t very tolerant of competitors, and so they’re not even tolerant with utilizing the Structure to compete with the fiat greenback. As a result of gold and silver, you possibly can’t use it.”
Ron Paul has beforehand mentioned his bullish views on cryptocurrency. In 2014, Paul expressed issues concerning the backing of Bitcoin (BTC) and crypto basically, however adopted a pro-crypto perspective that’s bearish on fiat cash in the long term:
“I simply don’t suppose the greenback goes to final. I don’t suppose any fiat foreign money lasts ceaselessly. All of them self-destruct. Proper now, the world is engulfed with fiat foreign money; they’re all paper currencies. That’s one of many different causes the greenback holds up: What are you competing in opposition to, the euro and the yen? The competitors on the market isn’t any good.”