By Ron Paul, an Austrian economist and former congressman, who has mostly been bullish about the Blockchain Technology, Bitcoin and other Cryptocurrencies. Recently in a “Squawk Alley” interview on CNBC on July 15, delivered his remarks.
According to Paul, cryptocurrencies are a great idea, and governments should only step in to regulate the space to prevent fraudulent activities:
“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.”
He in his interview clearly expresses his views on the positive state of the cryptocurrency market. While he is a strong supporter of the internet of money, he also expresses that everyone should be a given choice of their own to taketheir own decision.
Ron Paul openly speaks about the ‘fundamentals’ of these governments. He also made several comparisons to the traditional asset gold. One way which Paul appears to think that gold is similar to cryptocurrencies is that both are assets competing with fiat money. Paul said:
“Governments aren’t very tolerant of competition.”
“As usual, governments across the world love having monopoly control over credit and money. That’s why in the US instead of letting the market operate freely, we have the Federal Reserve in place.”
Although he did not completely disagree with the fact that it could be a future digital gold but instead, clearly mentioned about the monopoly nature of the Fiat and traditional market which is in control of the government and giant institutions.
Ron Paul has previously been very bullish with his views about cryptocurrencies. Back in 2014, Paul expressed concerns about what Bitcoin (BTC) and cryptocurrencies in general would be backed by, but soon adopted a pro-crypto attitude that is bearish on fiat money in a longer 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.”
When it comes to Facebook’s Libra project, Ron Paul “has a strong opinion” that he doesn’t know what’s going to happen with it.
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