The author, physician and former United States Congressman, Ron Paul has said that he is in favour of cryptocurrencies and blockchain technology because he likes the competition between currencies.
Bullish on Bitcoin
Paul took part in an interview for the Squawk Alley segment on CNBC yesterday 15th July where he said that he is a big fan of crypto! The former congressmen added that governments should only step in to regulate the space to help prevent fraud and illicit activity.
“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 [if] 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.”
The leading cryptocurrency has been acting extremely volatile these past few weeks however, it seems to be stabling out now at a price of around $10.5k.
The former presidential candidate also made some comparisons to gold. Paul thinks that gold is similar to cryptocurrency in that both of the assets are fighting fiat money. The author said, “governments aren’t very tolerant of competition, and they’re not even tolerant with using the Constitution to compete with the fiat dollar. Because gold and silver, you can’t use it.”
As well as this, the former congressman has talked about cryptocurrency in the past. Back in 2014, before Bitcoins notorious rise to $20k, Paul expressed concerns in regards to the backing of Bitcoin and cryptocurrency in general, however, they adopted a pro-crypto attitude that is bearish on fiat money in the long 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.”