News Bites
Ron Paul: Bitcoin should be legalized as money, let it compete with Dollar
(Kitco News) - With Bitcoin having faced regulatory pressures in Turkey and China, investors are concerned if more investment limitations will be placed on the cryptocurrency in the U.S., especially now that the newly appointed Chair of the SEC, Gary Gensler, has announced that new regulations will be on the way.
Former Congressman Ron Paul said that Bitcoin is a form of money, and money should not be regulated.
"Right now, if you buy and sell gold, you get it taxed, they can do that. If you make a profit in Bitcoin, you read stories about people being taxed on it. You can't tax money, you don't tax it. If you bought a dollar a year ago and it went down 10%, you can't take a loss because your dollar lost value," Paul told Michelle Makori, editor-in-chief for Kitco News.
Governments will always try to suppress alternative forms of money, Paul noted, but it's important to let the free markets decide what's best instead of having the state intervene.
"I will argue more the case for the legalization of freedom of choice and the people should make a decision, not the government," he said. "And the market will finally determine that my goal is to help legalize the competition. And I think the people will sort it out, freedom of choice will sort it out."
For Paul's views on monetary policy, the Federal Reserve, and inflation, watch the video above.
