Bitcoin [BTC] Should be Legalized & Be a Competition Money: Former US Rep. Ron Paul

Bitcoin among other cryptocurrencies should be legal according to the former US Representative, Ron Paul to compete with Fiat money. He strongly supports denationalizing the money while sharing that the market decides the “money” as happened hundreds of years ago with fiat money.

Bitcoin should be legal

Ron Paul, the libertarian former congressmen while speaking to CNBC where he was talking about the biggest bubble in the history of mankind regarding the inflated stocks that would cut the stock market in half, shared his views on Bitcoin.

Paul has always been a critic of the fiscal policies of the federal government. In the interview, when he was asked of his views on Bitcoin as a safe haven in the current (stocks) market which according to him is built on shaky grounds, he wants bitcoin to be legalized.

In the latter part of the video he shares,

“So far it hasn’t proven itself, sympathetic to the technology, sympathetic to people looking for alternative currencies.”

Paul further comments that he favors introducing legislation to bring competition to the currencies. He believes in the denationalization of money because one can’t trust the government. Even with gold, according to him, you can’t trust govt., but people have their trust in it and will depend on it.

Talking about the legalization of Bitcoin and other digital assets, he shares,

“Cryptocurrencies haven’t been certified yet but I think they should be legal.”

Also, read: Bitcoin Bears Pushing On as BTC/USD Stuck at $6,200, Will it Break Above?

Denationalize money, market makes the decision

Moreover, he says,

“they should never commit fraud, we should not tax money, and we should have competition money.”

He also shares the fact that market is the one that chooses its money as happened with fiat,

“matter of fact all money has been originated in the market. Gold and silver weren’t declared money by govt.”

Paul added fiat market was actually declared money by the market over hundreds of years ago. Apparently, the market is ready for bitcoin as well as he commented,

“I think the market can handle the development of monetary system better than govt.”

However, he does have issues with the intangible nature of bitcoin, unlike gold and others which is a setback for him.

The interview which was primarily about the wall street bubble, how despite the stocks market currently doing good, Ron Paul believes has trouble ahead which is basically originating from too much debt and spending.

Meanwhile, today, the entire cryptocurrency market has been experiencing upward momentum with the majority of the currencies registering greens.