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Former congressman bats for legalization of Bitcoin

Ron Paul, a former US presidential candidate and congressman, has renewed his calls for Bitcoin to be legalized as money and be taxed.

Paul has been a strong proponent of cryptocurrencies and coined the Bitcoiner favourite term “End the Fed”, advocating for the legalization of Bitcoin and other cryptocurrencies in the past. He has regularly cornered the Federal reserve for its unchecked money printing since the pandemic began.

The 85-year-old said to Kitco News ahead of his appearance at the Miami Bitcoin conference on June 3, asserting his goal of ‘legalizing the competition’. He thinks of gold and bitcoin as ‘competition’ to the U.S. Dollar. He highlighted that investors should seek out such alternative forms of money to hedge against the declining value of the former.

According to him, the U.S. regulatory bodies are moving to regulate and further tax Bitcoin since it’s not competing with the U.S. dollar. He also noted that governments throughout history have been “notoriously very eager to have control of the money” and “will never give up control.”

When asked about the subject matter for his address at the Miami Bitcoin conference, Paul’s emphasis was more on the market’s free flow and whether Bitcoin or other cryptocurrencies be brought to the market or not should be decided by the market itself.

“I won’t try to explain exactly technically whether it’s good, bad, or indifferent. I will argue more the case for the legalization of freedom of choice and the. People should make decisions and not the government.” – Ron Paul

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