Ron Paul Cautions Government Could Still Ban Bitcoin – Says He’s Influenced a Whole Lot by History – In an interview with Kitco news’ Michelle Makori on Thursday, former presidential candidate Ron Paul addressed the future of bitcoin and the economic impact of the Russia-Ukraine conflict.
Paul is an author and retired politician from the United States. The Ron Paul Liberty Report was founded in 2015 by the former Texas congressman to provide “provocative opinion and analysis to the breaking topics affecting our lives and money,” according to its website.
The former congressman has warned that the government may take action against bitcoin. “My issue is that governments have been known for millennia for wanting to control the money supply. “Believe me when I say they will not relinquish control of money,” he said.
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Bitcoin, on the other hand, has recently seen a surge in interest, with more institutional investors flocking to the platform. Following Russia’s invasion, the Ukrainian government adopted a legal framework for cryptocurrency last week. It has launched a dedicated cryptocurrency donation platform. Furthermore, in El Salvador, BTC is currently legal tender.
Paul was asked if he still feels that bitcoin would be prohibited or banned outright. He responded:
“Yes, I do, mostly because history, particularly the history of gold, and my interest in studying money, as well as some of the concepts that Austrian economics teaches about what the nature of money should be, have inspired me much.”
Paul went further to emphasize:
“But that doesn’t stop me from suggesting that it should be clearly permitted for people who know about crypto and understand it better than I do. However, because many people do not comprehend it, I would be cautious.”
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“I’ve been trying to figure out whether bitcoin is more like a stock, a bond, or a hard asset commodity,” he continued. Looking at several pieces of information, it appears to be tracing stock prices right now.”
The former congressman stated in June of last year that he wants bitcoin to be fully legalized in order to compete with the US dollar. “My goal is to make the competition lawful, and then the people will decide.” He believes that “freedom of choice” will solve the problem.