Congressman Ron Paul Supports Bitcoin But Consider It Is Not Money

Former presidential candidate and congressman Ron Paul recently took to Q&A site Quora to express his views on digital currencies.

"Bitcoins have value because they are useful and because they are scarce" , - RonPaul says. Image:

Ron Paul has recently revealed his thoughts on Bitcoin, according to the Q&A site Quora . The former Congressman considers Bitcoin is not “true money.” Still, it doesn’t mean he is against the cryptocurrency.  Moreover, he supports it.

Ron Paul, who is famous for his libertarian views, is the significant figure on the political scene of the US.

As most of the libertarians, he supports digital currencies and feels strongly negative about government interference, taxes and regulations.

For many years, Ron Paul has been promoting the idea of legalizing competition in currencies.

Furthermore, he believes Bitcoin can substitute an American dollar. He stresses out that Bitcoin should be legal and there should be no restrictions and taxes on it.

According to Ron Paul, the existing monetary system in the US purposely debases currencies. He believes anything that wants to be an alternative to the American dollar should get permission.

Government demands a monopoly on credit and money, but there should be no prohibitions. Ron Paul strongly believes in competition and Bitcoin is an introduction to that.

Those who manage the digital currency, of course, would be prohibited from committing fraud, still the competition should exist.

In order to further develop digital currencies, Internet should be free from government intervention.

Moreover, he admits that the government ultimately wants to curtail the Internet. Everyone, irrespective of their position on digital money, must be concerned about the problem of government interference as Internet is a sort of salvation for those who believe in liberty. Internet enables people to

avoid the system in spreading their views and while carrying out crypto-currencies and other forms of financial transactions.

People should strive for the use of freedom instead of having a monetary system that is run by special

interests. The system should challenge the government, which supports the wealthy to the disadvantage of poor and middle class.

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