Bitcoin is Not True Money, Says Former Republican Presidential Candidate Ron Paul

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Bitcoin is Not True Money, Says Former Republican Presidential Candidate Ron Paul
Bitcoin is Not True Money, Says Former Republican Presidential Candidate Ron Paul

Bitcoin is Not True Money, Says Former Republican Presidential Candidate Ron Paul

This should not a surprise to those who know Ron Paul. It does not mean he is against Bitcoin; in fact, Ron Paul is someone who has been fighting for a competitive monetary system over the years.

The former Republican presidential candidate and congressman only say that Bitcoin is not ‘true money,’ however; he admits that Bitcoin is a very interesting subject because for many years in Congress he was a champion of legalizing competition in currencies.

His response to a question on Bitcoin which was put to him on the question-and-answer site Quora earlier this week on Wednesday says that though Ron Paul thinks that the current money system is terrible, Bitcoin is definitely not true money. Similar views were expressed were by Warren Buffett who considers the digital currency a mirage.

Ron Paul also admitted that the terrible monetary system where a government purposely counterfeits and debases the currencies should be replaced and new entities should be brought in. He says that anything that wants to substitute for the American dollar should be permitted and there should be no prohibitions.

In his answer to the question why does Ron Paul think Bitcoin does not fit the definition of money? He said that he can’t put it in his pocket, he has his reservations. He added that there should not be a monopoly and a cartel running the monetary system because it so often benefits the privileged few.

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To prove his point, Ron Paul cited the example of the bailing out of the financial system where the wealthy bankers got bailed out it in this recent and severe recession. He also made it clear that he is a strong believer in competition and Bitcoin is an introduction to that, despite the fact that he believes it is not true money.

Ron advocates for legalizing Bitcoin and against putting any restrictions on the digital currency. He is also against taxing Bitcoin; however, he also cleared that the people who operate Bitcoin would, of course, be prohibited from committing fraud. He said people should have competition whether it is a basket of commodities or crypto-currencies – it should be legal.

Talking like a true Randist, Ron Paul says that for Bitcoin to operate freely there should be no intervention from the government. He suspects that the government ultimately wants to curtail the Internet and there have been attempts to do so in recent times. He says that the Internet is the salvation for those who believe in liberty.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com