Whilst digital assets and cryptocurrencies have been criticized by more conservative sectors ever since they appeared, especially most notably after they became mainstream, other communities and fields have embraced them as decentralized options to store, buy, sell, or trade value.
A prominent voice in the United States’ political landscape, Ron Paul, is one of those individuals that have not only welcomed the use of cryptocurrencies for every day applications, but also as worthy competitors for existing currencies.
A Well Known Figure in American Politics
Paul is a former Republican congressman which is a very well known figure in the American political life. He is now retired, but was a presidential candidate, author, and physician. He served as the U.S. Representative for Texas’s 22nd congressional district from 1976 to 1977 and from 1979 to 1985, as well as for Texas’s 14th congressional district from 1997 to 2013. On three separate occasions, he ran for the presidency.
Paul expressed his support towards cryptocurrencies, stating that he is in favor of them and the use of blockchain technology, as well. He defends the notion of “competing currencies,” and that’s why he likes digital assets. He offered the remarks through news network CNBC, in a “Squawk Alley” interview.
And, in the midst of a controversy in several locations about the proper regulation to control the use of these assets, Paul said that cryptos are a good idea, and that governments around the world should only intervene to regulate the space in order to prevent potential fraudulent activity.
“I’m for the Least Amount of Regulation”
According to the retired politician, “… 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.”
Paul offered several precise comparisons between crypto assets and gold, which is a more traditional way to hold value. The ex politician thinks that gold is similar to digital coins in the sense that they are both competing with yet another traditional type of money: fiat currencies.
According to the former congressman, who also served as a flight surgeon in the U.S. Air Force from 1963 to 1968 and worked as an obstetrician-gynecologist from the sixties to the eighties, “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.”
History of a Pro-Crypto Stance
This is not the first time that Paul has sided towads cryptocurrencies and shared his bullish views. Five years ago, in 2014, he showed concern about the backing of Bitcoin and crypto in general, but since then, he has adopted a positive attitude towards these assets, to the point that he is even bearish on fiat currencies for the future.
“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.”
By Andres Chavez