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Bitcoin could still be banned, says Ron Paul

Ron Paul, a former U.S. presidential candidate, thinks the danger of Bitcoin being outlawed one day remains, while insisting that cryptocurrency should "obviously" be authorised.

During an interview with Kitco News on March 18, Ron Paul explored the future of the US currency and Bitcoin.

Dr. Paul told Michelle Makori, Editor-in-Chief of Kitco News, regarding the dollar that the US has less clout as the world’s reserve currency, and it has already started in that way. It was never given much credit for serving as a reserve currency. We weren’t blasted to smithereens, we still had a lot of riches, we had all the gold, we had the instructions, we controlled the IMF and the World Bank, we built NATO, and we’ve been operating our empire that way ever since. There’s also the subjectivity of it: a country’s riches, how much money is in the country, and other elements that contribute to defining the value of the currency. But if you keep creating [money], it will lose its value, and that is exactly what will happen.

According to sources, on March 19, when asked if he thought Bitcoin would be outlawed one day, he stressed that yes, he did, partly because of history, particularly gold history, and his interest in studying money, and some of the ideas that Austrian economics teaches about what the nature of money should be. But it doesn’t stop him from suggesting that individuals who know about crypto, who understand it better than he does, should clearly be allowed to use it. But because a lot of people don’t comprehend it, he’d be wary.

He also stated that he has been debating whether [bitcoin] is more like a stock, a bond, or a hard asset commodity. Looking at a lot of information, it appears to trace stock prices right now.

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Vaishali Goel
Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.


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