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Ron Paul describes Gold and Bitcoin as competition to the U.S Dollar

Ron Paul describes Gold and Bitcoin as competition to the U.S. Dollar

Ron Paul, former Congressman and the godfather of liberty, stated that Bitcoin should not be taxed, conceding that it is a form of money.

With Bitcoin having confronted administrative pressing factors in Turkey and China, investors are concerned if more significant speculation limits will be put on the crypto in the U.S., particularly now that the recently elected Chair of the SEC, Gary Gensler, has reported that new guidelines will be in transit.

Paul described Gold and Bitcoin as money and “competition” to the U.S. Dollar. He accentuated that the primary reason investors explore alternative forms of money is to hedge against the dwindling value of the U.S. dollar. He said,

Right now, if you buy and sell gold, you get it taxed, they can do that. If you make a profit in Bitcoin, you read stories about people being taxed on it. You can’t tax money, you don’t tax it. If you bought a dollar a year ago and it went down 10%, you can’t take a loss because your dollar lost value.

Paul believes that U.S. regulatory bodies are moving to regulate and further tax Bitcoin because it’s contending with the U.S. dollar and that legislatures since the beginning have been “anxious to have control of the money” and predicted they “will never give up control”.

He further added, “But I would apply that same concern to Gold, because you know, what was the first thing Roosevelt did in 1933? He immediately took all the gold from the people.”

On April 5, 1933, Executive Order 6102 was signed by U.S. President Franklin D. Roosevelt “forbidding the Hoarding of gold coin, gold bullion, and gold certificates within the continental United States.” 

When asked about the subject matter for his address at the Miami Bitcoin conference, Paul stressed that he wouldn’t certainly be expressing the technical importance of blockchain technology, or from a pro-Bitcoin viewpoint, but more from the perspective of letting the market choose and freedom of choice.

“I will argue more the case for the legalization of freedom of choice, and the people should make a decision, not the government,” he said. “And the market will finally determine that my goal is to help legalize the competition. And I think the people will sort it out, freedom of choice will sort it out.”

However, there are mixed views regarding Paul’s statement , Peter Schiff, Chief Economist & Global Strategist at Europac, tweeted that 

Paul is a firm libertarian and founder of the Bitcoiner most loved, “End the Fed.” The former Congressman has also constantly aimed at the Federal Reserve for its unchecked money printing since the pandemic started.

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