Ron Paul Cautions Government Could Still Ban Bitcoin — Says He’s Influenced ‘a Whole Lot’ by History – Featured Bitcoin News

Ex-U.S. Congressman Ron Paul said that he still believes the government could outlaw bitcoin. This is mainly because he was “influenced a whole lot by history and the gold history.” Congressman Ron Paul says he still believes that the government could outlaw bitcoin mainly because he is “influenced a whole lot by history and the gold history.” Despite his warning, Paul stressed that crypto “should be obviously permitted.”

Ron Paul discusses Bitcoin and Crypto Rises

Former presidential candidate Ron Paul discussed the future of bitcoin and the economic impact of the Russia-Ukraine war in an interview with Kitco news’ Michelle Makori Thursday.

Paul is an American physician and author. He also retired as a politician. The former representative from Texas launched The Ron Paul Liberty Report in 2015 to bring “provocative opinion and analysis to the breaking issues affecting our lives and finances,” its website details.

Former congressman, John McCain, has warned repeatedly that bitcoin could be confiscated by the government. “My concern is that governments over centuries have been notoriously very eager to have control of the money. Believe me, they will not give up control of money,” he described.

Recent interest has increased in bitcoin, with institutional investors backing the ecosystem. After Russia’s invasion, Ukraine created an official legal framework to allow cryptocurrency. The government also established a website for crypto donations. BTC can be used in El Salvador as legal tender.

Paul was asked whether he believes bitcoin could be outlawed or banned. Paul replied,

Yeah, I do, mainly because I’m influenced a whole lot by history, and the gold history, and my interest in studying money and some of the principles that Austrian economics teaches about what the nature of money should be.

Nonetheless, Paul emphasized:

But that doesn’t sway me from arguing the case for those who know about crypto, who understand it better than I do, that it should be obviously permitted. But a lot of people don’t understand it so I would be cautious.

He further shared: “I’ve been trying to figure out, is [bitcoin]More like a stock, bond, or hard asset commodity. Right now, I would say, looking at different statistics, it seems to trace stock prices.”

Last June, the ex-congressionman declared that bitcoin should be legalized in full to rival the U.S. dollars and then let the people decide. “My goal is to legalize the competition and the people will sort it out. Freedom of choice will sort it out,” he opined.

What do you think about Ron Paul’s comments? Please comment below.

Kevin Helms

Kevin, a student of Austrian Economics and a Bitcoin evangelist since 2011, was one of the first to discover Bitcoin. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.