Former U.S. Presidential Candidate Ron Paul Believes Bitcoin Could Still Be Banned

by Ilan Hazan
7 ways to make with crypto

Former U.S. Presidential Candidate Ron Paul Believes Bitcoin Could Still Be Banned

Texas Libertarian Dr. Ron Paul, who is a former U.S. presidential candidate (three times, in 1988, 2008, and 2012), says that the risk of Bitcoin still getting banned one day still exists, while arguing that crypto should “obviously” be permitted. 

Paul discussed the future of the U.S. dollar and Bitcoin during an interview with Kitco News on March 18.

Dr. Paul had this to say about the dollar to Michelle Makori, Editor-in-Chief of Kitco News:

We will have less clout as issuing the reserve currency of the world, and it’s already started in that direction. It never deserved much credit for being a reserve currency. It was just sort of accidental about how we came out of World War 2; we weren’t bombed to smithereens, we still had a lot of wealth, we had all the gold, we had the directions, we controlled the IMF and the World Bank, we established NATO and….we’ve been running our empire that way…

There’s also the subjectivity of it: the wealth of a country, how much wealth is in the country, so other items help define the value of the currency. But if you keep printing [money], it loses its value and that’s what’s going to happen.

According to a report by Bitcoin.com published on March 19, when asked if he believed that Bitcoin could one day be banned, he said:

Yeah, I do, mainly because I’m influenced a whole lot by history, and the gold history, and my interest in studying money and some of the principles that Austrian economics teaches about what the nature of money should be...

But that doesn’t sway me from arguing the case for those who know about crypto, who understand it better than I do, that it should be obviously permitted. But a lot of people don’t understand it so I would be cautious.

He also added:

I’ve been trying to figure out, is [bitcoin] more like a stock or a bond or a hard asset commodity. Right now, I would say, looking at different statistics, it seems to trace stock prices.

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Image Credit

Photo by user mohamed_hassan via Pixabay.com

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