Dr. Ron Paul, a Texas Libertarian and previous US presidential candidate (in 1988, 2008, and 2012), maintains that the chance of Bitcoin being prohibited in the future remains, while insisting that crypto should “clearly” be legalised.
Paul addressed the future of the United States currency and Bitcoin in a March 18 interview with Kitco News.
Dr. Paul told Michelle Makori, Editor-in-Chief of Kitco News, the following regarding the dollar: “We will lose our power as the world’s reserve currency, and this process has already begun. It was never given much credit for its role as a reserve currency. It was entirely coincidental how we emerged from World War II; we were not blasted to smithereens, we retained a significant amount of money, we controlled the IMF and the World Bank, we built NATO, and….we’ve been governing our empire that way ever since…
“There is also the subjectivity of it: the richness of a nation, the amount of money in the country, and other factors that contribute to defining the currency’s worth. However, if you continue creating [money], it will lose its value, and that is exactly what will happen.”
According to a report published on March 19 by Bitcoin.com, when asked whether he felt Bitcoin will ever be outlawed, he stated:
“Yes, I do, mostly because I am affected by history, particularly gold history, and by my interest in researching money and some of the concepts taught by Austrian economics about the proper nature of money…
“However, it does not dissuade me from advocating for people who are knowledgeable about cryptography and understand it better than I do that it should be clearly authorised. However, since many individuals do not comprehend it, I would exercise caution.”
Additionally, he stated: “I’ve been debating whether [bitcoin] is more akin to a stock, a bond, or a hard asset commodity. At the moment, I would argue that, based on various data, it seems to track stock prices.”