Former Congressman Ron Paul Says He Is In Favor Of Cryptocurrencies

One former congressman from the Republican party named Ron Paul recently expressed his optimism for cryptocurrencies which is how he got featured in our latest cryptocurrency news. The congressman and presidential candidate delivered his remarks in a “Squawk Alley” interview with CNBC on July 15.

As Paul said, cryptocurrencies are a great idea and governments should step in to regulate the space to prevent fraud. The former congressman noted:

“… I’m for the least amount of regulation. I don’t know what’s gonna happen to cryptocurrencies. I think it’s a great idea. And I only have one rule: no fraud … I think that the government has a role. And [if] somebody has a case that there is fraud, I think it should be investigated …  What I want to do is legalize the freedom of choice, absent blatant fraud.”

Ron Paul also addressed Bitcoin and its common comparison to the traditional asset gold. One way in which Paul appears to think that gold is similar to crypto is that both are assets that compete with fiat money. As the former congressman said,  “governments aren’t very tolerant of competition, and they’re not even tolerant with using the Constitution to compete with the fiat dollar. Because gold and silver, you can’t use it.”

Ron Paul has previously discussed his bullish views on cryptocurrency in general – which is how he got featured in the Bitcoin and altcoin news sections. In 2014, the former congressman expressed concerns about the backing of Bitcoin (BTC) and crypto in general. However, over time he adopted a pro-crypto attitude that is bearish on fiat money in the long run.

“I just don’t think the dollar is going to last. I don’t think any fiat currency lasts forever. They all self-destruct. Right now, the world is engulfed with fiat currency; they’re all paper currencies. That’s one of the other reasons the dollar holds up: What are you competing against, the euro and the yen? The competition out there isn’t any good,” the former congressman said.

Currently, the price of Bitcoin sits still below $10,800 and is stagnant against the $11,000 mark – which is seen as a major psychological level as many best cryptocurrency news sites report.