BTC is a way to let money compete with the dollar says Ron Paul, a former US congressman.
Former US Congressman Ron Paul said Bitcoin (BTC) is a form of money. In addition, there must be legislative changes allowing digital currency to compete with the dollar.
Furthermore, as Bitcoin has faced regulatory pressure in Turkey and China, investors are concerned about putting more restrictions on investment in cryptocurrencies in the United States. Particularly now that new SEC chairman Gary Gensler has published that new regulations are on the way.
“Right now, if you buy and sell gold, you have to pay a tax; they can do that. If you make a profit from Bitcoin, you read stories about people who pay taxes. If you bought a dollar a year ago and it dropped 10%, you can’t lose because your dollar has lost value”,
Ron Paul said;
Furthermore, governments will always try to get rid of alternative forms of money, Paul noted. But it’s important to let free markets decide what’s best, rather than involving the state. Notably, Ron tries to propose a law aimed at getting rid of the bidding laws.
“I will defend more the legalization of freedom of choice, and the people must make a decision, not the government. The market will finally determine that my goal is to help legalize competition. And I think people will fix this; freedom of choice will fix that,” he added.
In addition, some rules led by China have already started a crackdown on bitcoin. According to Chinese authorities, digital currencies are a threat to financial stability.