Presidential Candidate Ron Paul reiterated his views on cryptocurrencies: Says it’s good competition for fiat money


As reported by various news channels, Former Republican congressman and presidential candidate Ron Paul says he’s in favor of cryptocurrencies and blockchain technology because he enjoys seeing the currencies comepeting. Ron Paul delivered his remarks at a”Squawk Alley” interview on CNBC on July 15.

Cryptocurrency a great idea, says former Congressman Ron Paul

Former Texas congressman and presidential candidate Ron Paul joins “Squawk Alley” to discuss cryptocurrencies, regulation and the tech behind them.

Ron Paul on cryptocurrencies

As stated by Paul in his interview to CNBC, he thinks that cryptocurrencies really are a Terrific idea, and authorities should just step in to regulate the space to prevent fraud. He (Ron Paul) has previously discussed his bullish perspectives on cryptocurrency. In 2014, Paul expressed concerns about the backing of Bitcoin (BTC) and crypto in general, but embraced a pro-crypto mindset as can be understood from his statement:

“I just don’t believe the dollar is going to last. I really don’t believe any fiat currency lasts eternally. All of them self-destruct. At the moment, the world is engulfed with fiat currency; they’re all paper currencies. That’s among the additional reasons the dollar retains up: What are you competing against, the euro and the yen? The competition out there isn’t any good.”

“… I am for the least amount of regulation. I don’t know what is gonna happen to cryptocurrencies. I believe it’s a great idea. And I only have one rule: no fraud… I think that the government has a role. And [if] someone has a situation that there’s fraud, I think that it should be investigated… What I need to do is legalize the liberty of selection, absent blatant fraud.”

As reported by other news channels as well, Ron Paul also drew several comparisons to the conventional asset gold. One way in which Paul seems to believe gold is comparable to crypto is that both are assets competing with fiat money.

Paul stated,

“governments are not very tolerant of competition, and they’re not even tolerant with using the Constitution to compete with all the fiat dollar. Because silver and gold, you can not utilize it”

He was asked as to how does he think the needle has move to which he said that he is all in for Cryptocurrencies and Blockchain Technology because he likes currencies competing with each other. He also showed concerns on how the present Government is trying to control and manipulate the citizens by raising huge roadblocks for Libra as this desire to regulate is because they are afraid that they are going to lose some tax revenue. He is for the least amount of regulation but only has one rule which is no fraud.

He also stresses on the fact that the market has already weeded out lots of bad players now and if only there is a blatant fraud, the Government has to get involved. All said and done, it looks like Cryptocurrencies are Blockchain has become one of the hottest topics for political debates in the country with the tweets of President Trump followed by the briefing of US Treasurer Mnuchin.


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