Former Republican congressman and presidential candidate Ron Paul says he’s in favor of cryptocurrencies and blockchain know-how as a result of he likes competing currencies. Ron Paul delivered his remarks in a “Squawk Alley” interview on CNBC on July 15.
According to Paul, cryptocurrencies are a fantastic thought, and governments ought to solely step in to manage the area to forestall fraud:
“I’m for the least amount of regulation. I don’t know what’s gonna happen to cryptocurrencies. I think it’s a great idea. And I only have one rule: no fraud […] I think that the government has a role. And somebody has a case that there is fraud, I think it should be investigated […] What I want to do is legalize the freedom of choice, absent blatant fraud.”
Ron Paul additionally drew a number of comparisons to the standard asset gold. One method through which Paul seems to assume gold is just like crypto is that each are belongings competing with fiat cash. Paul stated, “governments aren’t very tolerant of competition, and they’re not even tolerant with using the Constitution to compete with the fiat dollar. Because gold and silver, you can’t use it.”
Ron Paul has beforehand discussed his bullish views on cryptocurrency. In 2014, Paul expressed issues concerning the backing of Bitcoin (BTC) and crypto on the whole, however adopted a pro-crypto angle that’s bearish on fiat cash in the long term:
“I just don’t think the dollar is going to last. I don’t think any fiat currency lasts forever. They all self-destruct. Right now, the world is engulfed with fiat currency; they’re all paper currencies. That’s one of the other reasons the dollar holds up: What are you competing against, the euro and the yen? The competition out there isn’t any good.”