While President Donald Trump and US regulators are busy criticizing digital currencies, former Republican congressman and presidential candidate Ron Paul is favoring the crypto revolution.
Ron Paul’s favor of digital coins
Speaking during a CNBC interview for “Squawk Alley” on Monday, Ron Paul said that he is in favor of digital currencies because he likes competing currencies. He said that digital currency is a great idea, and the government should only interfere in this sector to prevent fraud.
“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.”
Bitcoin has previously been compared with gold, and Paul did the same during his interview. He said that cryptocurrencies are like gold as both the assets compete with fiat money. He highlighted that governments are not tolerant of competition and would not even tolerate the Constitution competing with the fiat dollar.
A Republican who is bullish on crypto
Paul has always been bullish on digital currencies. In 2014, when Bitcoin didn’t have a mainstream push, he talked about backing the digital currency sector. He was also bearish on fiat money in the long run and said that the US dollar would not last. Paul said that fiat currency could not last forever and they eventually self-destruct. The dollar is holding better than fiat currencies because the euro and the yen do not provide it a good competition.
His views directly contradict that of President Donald Trump, who lashed out on digital currencies. In a series of Twitter posts, he said that digital currencies are not real money. Trump also asked questions about the valuation and volatility of digital currencies while connecting them with unlawful activities. Trump also targeted Facebook for its plans to launch a digital currency and asked the tech giant to get a banking charter.
Fed Chairman Jerome Powell also spoke about his concerns with digital currencies. This week, Treasury Secretary Steven Mnuchin also expressed issues with cryptocurrencies and said that the Treasury would crack down on anyone breaking the law. The House Democrats are also gathering against cryptocurrencies. Paul could be one of the strongest Republican voices currently supporting crypto.