Latest Bitcoin News – Ron Paul, a former US Presidential candidate stated during a recent interview that all competing currencies whether or not belonging to the cryptocurrency spectrum need to be brought under the wings of legalization. This former congressman from Texas and two-time Republican candidate of President of the United States explained there is “too much surveillance already on how [cryptocurrencies] are transferred, [and how] the reports have to be made by the exchanges to the IRS.”
There is a high probability that Dr. Paul tried to draw reference of the attempt made by IRS to compel Coinbase, a popular Bitcoin exchange into handling over customer details to prosecute tax evaders. The IRS request was refused by this San-Francisco based company.
During an interview conducted by Daniela Cambone, the Editor-in-Chief of Canadian outlet Kitco News, Ron Paul pointed out that the government always waits till the happening of something eventful before proceeding with its desired course of action. “If [bitcoin] is a really good deal and a good process, rest assured the government will be looking at it very carefully” he stated. He added that government’s increasing interest in Bitcoin, “makes me a little bit nervous,” and that “people should be very cautious.”
Dr. Paul told Ms. Cambone that in regards to currency competition, “If the people want [bitcoin] and want to use it, the government should stay out of it.” In stark contrast to other prominent financial media and political celebrities, Dr. Paul does not come out as a Mr. Know-it-all of the cryptocurrency sphere. He would rather take the backseat and let the story unfold slowly enriching everyone including himself in the process. He was asked by the Kitco News Editor-in-Chief that, “Are you a believer in the cryptocurrencies?”
Dr. Paul replied promptly that:“I’d have to talk about the world ‘believable’. I take some very strong political positions on competing currencies. I want to legalize all competing currencies. And if you can come up with a competing currency, and there is no fraud, I think it should be.”
He admitted “quite frankly,” that “I don’t understand the technology of cryptocurrencies. I just want to make sure no fraud is involved. But I am also concerned about the government involvement.” Ms. Cambone followed up by asking, “Does it represent real money to you?”
Dr. Paul answered, “Not to me, no, it doesn’t. But if it serves the voluntary exchanges of people, and [serves] the purpose of exchanging wealth, … it could act as if it were money ….”
Ms. Cambone emphasized over the point that “Some say bitcoin is stealing the thunder away from gold and that’s one of the reasons the yellow metal is not rallying further. Do you agree with this?”
Dr. Paul pointed out that, “I think that’s a very strong possibility. I am amazed at all the capitalization on these cryptocurrencies. It’s a huge amount of money,” before returning back to the Bitcoin plethora and signing off by saying “Only time will tell if it’s going to survive as something they call money.”
Also Read: Apple Co-Founder Steve Wozniak says, Bitcoin is better than Gold
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