Ron Paul: Bitcoin must be made legal

According to Ron Paul, the most important thing Bitcoin is that it is made legal. 

He said so during the SLP234 podcast.

During his half-hour conversation with Stephan Livera, Ron Paul explained how only a legal currency can compete with the dollar.

But are we sure the governors want another legal currency to compete with the dollar? In fact, the latest news on cryptocurrencies in the United States shows that the approach is not to ban Bitcoin, but to make the regulatory framework very complicated for crypto assets.

This is demonstrated by the legislative initiative reported by Coinbase CEO Brian Armstrong, requested by current Treasury Secretary Steven Mnuchin, to prevent exchanges from transferring money to non-custodial wallets without first ascertaining the identity of the recipient.

Will it be better with the next Biden-era Treasury Secretary, former Fed Chairman Janet Yellen? Apparently not, because she’s someone who has always been sceptical about Bitcoin. Her attitude towards cryptocurrencies while at the helm of the Federal Reserve has always been prudent precisely because the Fed focuses on banks and not crypto. 

Ron Paul notes that while many people have always been positive about Bitcoin, others are sceptical and still exist. 

A regulation will certainly arrive to protect cryptocurrency users from the many themed scams that have been circulating over the years. 

The legislative initiatives demonstrate precisely what Ron Paul claims: the government and authorities are very vigilant with regard to Bitcoin. 

Who is Ron Paul and what does he think about Bitcoin?

Ron Paul was a US Congressman from the libertarian wing of the Republican Party. On two occasions he ran for the presidency of the United States. 

He has clearly expressed his thoughts about Bitcoin in a column he keeps on YouTube in which he describes cryptocurrencies as a possible solution to the latest financial crisis, which he says has been created again by the Fed. 

In the video he says expressly:

“Will Bitcoin and the cryptocurrencies be part of the solution? (…) In the midst of the chaos, sometimes you sort it out even faster and more accurately than when you just send in the politicians and change the Chairman of the Federal Reserve System and change the Secretary of the Treasury and think that they can come up with a better solution.

The market will eventually sort it out, which means that it may be that cryptocurrencies will be very helpful under bad conditions and that will be part of the solution”.

After all, says Ron Paul, in the past precious metals have been helpful in the fight against inflation. 

In the digital age, these precious metals could be the cryptocurrencies.