Ron Paul thinks that there is no harm in giving Bitcoin the legal status it deserves. This will be helpful in creating an atmosphere of healthy competition between the US Dollar currency and Bitcoin. It is the public who has the power to choose and decide what they would like to prefer i.e. the US Dollar or Bitcoin. He also believes that currency should not be taxed whether it is fiat or digital currency.
Ron Paul had once run for the US Presidential Election from the Congress party but nowadays he is enjoying his retirement. During his professional career, he wrote several books and had served as a successful physician.
Michelle Makori of Kitco News had the chance to interview Paul on 2nd June 2021, where he shared his views on Bitcoin.
Paul told Makori that in his life he learned many things and crypto and precious metals are two of those things. He said that for a very long time he continued to be amazed by this new technology of Bitcoin. But now he is also hoping to see some more innovations and revolutionary ideas and concepts.
He said that the purpose of democracy is to give the people their due right of choosing according to their will. This is the core foundation of the concept of “democracy” and when anyone will take that right, that isn’t a democracy anymore. He explained that for the time being US Government would not want to level the playing field for any competitor of the US Dollar. However, according to him, competition is a good thing as it creates an environment of healthy competition which is in the best interest of the public.
Paul argued that it is time to give Bitcoin its due status and let it compete with US Dollar by legalizing it. It is only when people are given the choice to determine for themselves what they would like to prefer between the two.
He continued elaborating his point of view that worldwide governments are in the habit of controlling fiat for a very long time. They will not in any manner want to compromise on their self-acclaimed right to control fiat, suggested Paul.
Makori then asked Paul to explain what does legalization of Bitcoin means to him. He explained that if someone were to sell or purchase gold for instance then either way the transaction is taxable. But according to Paul’s opinion, one cannot and should not tax money. This is so because the value of currency changes over time. For instance, a person had acquired a Euro but later on, the Euro lost some value for say 10%. Definitely, the Euro has lost value but the loss cannot make good by taxing the Euro.