Renowned American politician Ron Paul believes that bitcoin (BTC) is money and should be recognized as such under the law. The former Republican presidential candidate is calling for the full legalization of cryptocurrencies.
“Help legalize the competition and I think people will sort it out on their own. Freedom of choice solves it.”
Said the libertarian in an interview with Kitco News on June 3. Paul, 85, acknowledges that bitcoin, like gold, is being sought out as an alternative to the US dollar. Both assets are used as a hedge or safe haven against the unprecedented printing of fiat currency by central banks.
According to Paul, these alternative forms of money must also be recognized as such under the law and then taxed in the same way as fiat currency:
“Right now, if you buy and sell gold, it gets taxed. They can do that. When you make a profit in Bitcoin, you read stories about people being taxed on it. You can’t tax money, it doesn’t happen. If you bought a dollar a year ago and it has fallen by 10%, you can’t take a loss because your dollar has lost value.”
However, Paul expects US regulators to further regulate and tax crypto as it competes with the dollar. According to the former member of the House of Representatives, governments are known for wanting total control over money and will never give up that control.
Paul appears at the huge bitcoin event Miami this weekend to tell the following:
“I won’t try to explain technically exactly whether it [crypto] is good, bad or indifferent. I will advocate more for the legalization of freedom of choice and that people should be able to decide for themselves and not the government for them.”