Ron Paul: Cryptocurrencies Are A Great Idea

Former Republican congressman from Texas and presidential candidate in the libertarian movement Ron Paul expressed concerns about crypto coins, as well as blockchain technology in a “Squawk Alley” interview on CNBC.

Ron Paul: Cryptocurrencies Are A Great Ideahttps://t.co/AA464GTMpE pic.twitter.com/KbUSuM6Oph

— Ron Paul (@RonPaul) July 15, 2019

As said by Paul, who is a long-time supporter of gold and precious metals, crypto coins are an excellent idea and governments should regulate the crypto sphere to avoid fraud:

“I do not know what is gonna happen to cryptocurrencies. What I want to do is legalize the freedom of choice, absent blatant fraud.”

Ron Paul mentioned that traditionally governments always should have a monopolistic control over money and credit and this is the reason the Federal Reserve exists.

At the same time, former congressman also drew parallels between crypto coins and gold. In his opinion, there is a similarity between crypto coins and gold – the competition with traditional currencies. He mentioned that governments are not consistent of competition and even of using the Constitution to contest with the traditional money dollar.

Previously, in 2014, Paul raised concern about backing of BTC and crypto coins all in all mentioning that dollar or any other traditional currency will not last forever and “they all self-destruct.”