âIt is likely that the next Fed-created recession will come sooner rather than later. This could be the major catastrophe that leads to the end of fiat currency.âAccording to Paul, the only way to avoid such a crisis is to give people the freedom to use the virtual currencies and to exempt âall transactions in precious metals and cryptocurrencies from capital gains taxes and other taxes.â Paul said central banks are constantly increasing and decreasing the money supply to control the economy by controlling interest rates. He said that the Federal Reserveâs cyclical manipulation of interest rates actually gives fuel by creating an artificial economic boom.
âThis can create an illusion of prosperity. Eventually, reality catches up to the Federal Reserve-created fantasies. When that happens, there is a recession or worse, leading the Fed to start the whole boom-and-bust cycle over again.âPaul is a libertarian and opposes government intervention in the free market. This is a sentiment which is shared by many the crypto space who prefer the decentralised and unregulated market in which crypto operates in. Paul is also known for his criticisms of the President of the United States, Donald Trump. However, the President recently slated the Federal reserve, something of which Paul agreed with. True to his form, Paul also called for abolishing the Fed, saying a limited government and an economy that isnât manipulated is much better for society. He said that ânot only should we audit the Federal Reserve, but we should also get rid of it!â Back in December last year, Ron Paul was skittish on Bitcoin and staunch advocate on the gold standard. At the time the ex-congressman was surprised that one of his Twitter polls revealed that most of his followers would invest in Bitcoin over gold. You can see his tweet from last year here:
What are your thoughts? Let us know what you think down below in the comments!
A wealthy person wants to gift you $10,000. You get to choose in which form you'll take the gift. But there's a catch: You must keep the gift in the form that you choose, and you can't touch it for 10 years. In which form would you take the gift?â Ron Paul (@RonPaul) December 5, 2017