Categories: Bitcoin Business

Ron Paul Pledges Allegiance to Bitcoin, Calls Crypto a ‘Great Idea’

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Ron Paul “likes competing currencies." He is all for cryptocurrencies and in favor of whatever Facebook is cooking up. | Source: Shutterstock

In the early days of Bitcoin, there was a lot of crossover between the wider libertarian community led by Ron Paul and the Bitcoin believer category.

Paul Diverges from Trump on Crypto

Ron Paul, often a presidential candidate in the libertarian movement and noted opponent of policy he views as encroaching on liberty, popped up on CNBC’s Squawk Box recently to call cryptocurrencies a “great idea.”

Paul, a long-time supporter of gold and precious metals, eventually came around to the idea of Bitcoin. From time to time he expresses support for BTC and occasionally polls his followers about it.

When it comes to Facebook’s Libra project, Ron Paul “has a strong opinion” that he doesn’t know what’s going to happen with it.

He further commented that because he “likes competing currencies,” he’s all for cryptocurrencies and in favor of whatever Facebook is cooking up.

“Historically, governments always have to have a monopoly control over money and credit. That’s why we have a Federal Reserve instead of allowing the market to operate.”

Paul is a long-time proponent of winding down the Federal Reserve and radically restructuring the way the U.S. dollar is issued. Among cryptocurrency believers, these beliefs are not uncommon.

As an issue, cryptocurrency enjoys the unique position of being hated and loved by both sides of the aisle. Party lines do not play directly into the political rhetoric surrounding Bitcoin.

Fmr. Texas Congressman Ron Paul says he's all for crypto and blockchain.

"I'm for the least amount of regulation and I think cryptocurrencies are a great idea. Just one rule: no fraud!" @CNBC @carlquintanilla @MorganLBrennan @jonfortt pic.twitter.com/VRhGOfQebM

— Squawk Alley (@SquawkAlley) July 15, 2019

Although a mostly a conservative base uses cryptocurrency, some notable conservatives including President Donald Trump have expressed concern or disdain toward cryptocurrency.

Bitcoin Has Friends and Enemies on Both Sides of the Aisle

Both liberals and conservatives like Ron Paul have taken the opportunity to express their support for crypto. The most vocal opponents of cryptocurrency have been liberals.

Without a doubt, a robust social welfare program necessitates expanded control of the banking system.

For the government to leverage as much, it will either need blockchains that are subservient to it or to find a way to eradicate them.

People like Ron Paul recognize the potential of cryptocurrency and blockchain, but it’s unknown exactly how much power the pro-crypto lobby wields.

If we’re not careful, crypto could very well find itself in the crosshairs of the most heavily armed organization the history of the world – the U.S. government.

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