Ron Paul Supports Bitcoin Amid Criticism From U.S. Officials

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Ron Paul, a recognized libertarian politician in the United States, has defended Bitcoin (BTC) and cryptocurrencies amid criticism from U.S. officials. On July 15, Steven Mnuchin, the U.S. secretary of the treasury, held a briefing about virtual currencies in which he said that they are a national security issue. Ron Paul considered that virtual currencies are a “great idea” and he is in favour of more competitors for currencies around the world. 

Ron Paul Defends Virtual Currencies

Ron Paul, a recognized and experienced politician in the United States has defended virtual currencies during a conversation with CNBC’s Squawk Box. Ron Paul has several times been in favour of Bitcoin and other digital currencies rather than in favour of fiat currencies. He has also supported precious metals such as gold that share many characteristics with Bitcoin. 

Bitcoin and digital assets have been expanding during the last years and have reached a large number of users, however, they were not able to become mainstream. Back on June 22, Facebook announced it is currently working on a virtual currency called Libra. This is going to be a stablecoin backed by fiat currencies from different countries. These currencies include the British pound, the Japanese yen, the euro and the U.S. dollar. 

During this conversation, Ron Paul commented that governments have the control of fiat currencies rather than allowing the private individuals and firms to operate the issuance of money. 

About it, Mr. Paul commented:

“Historically, governments always have to have a monopoly control over money and credit. That’s why we have a Federal Reserve instead of allowing the market to operate.”

He went on saying that he is also for the least amount of regulations as possible on the crypto market. This is something that would help the space expand in the coming years and offer better services for users. 

Many regulators around the world are worried about the influence that the virtual currency that Facebook wants to release would have on the market and on financial stability. 

U.S. President Donald Trump has also criticized virtual currencies and Bitcoin saying that he does not like them and that they are facilitating illicit activities. One of the main worries of authorities, not only in the United States but also abroad, is related to the power that these virtual currencies could have in the market and how they could compete or replace sovereign fiat currencies. 

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