Former Congressman Ron Paul: Bitcoin is money and shouldn’t be taxed right away

Former Congressman Ron Paul has called for Bitcoin to be legalized as money and not taxed again.

Ron Paul – Strong crypto supporter

Paul is a staunch libertarian and author of the popular book “End the Fed” by Bitcoin investors who have advocated the legalization of Bitcoin and other cryptocurrencies in the past. He has also often targeted the Federal Reserve (Fed) for its uncontrolled money printing since the Covid-19 pandemic began.

Speaking to online financial news provider Kitco News prior to appearing at the Bitcoin conference in Miami’s Wynwood neighborhood on June 3rd, the 85-year-old stated that his goal is to “legitimize competition and then I think that people will handle it. Freedom of choice will solve it. “

Ron Paul described gold and bitcoin as money and competition for the US dollar. He stressed that the main reason investors are looking for such alternative forms of money is to hedge against a depreciation of the US dollar, which is defensive.

Paul believes that alternative forms of money should not be taxed like fiat currency for this reason:

“Right now, when you buy and sell gold, you are taxed, you can do that. If you’re making a profit from Bitcoin, read stories about people being taxed. You can’t tax money, you don’t tax it. If you bought a dollar a year ago and it was down 10%, you can’t lose because your dollar is depreciating. “

Paul believes US regulators are working on further regulation and taxation of Bitcoin as it competes with the US dollar, noting that governments throughout history “have a reputation for being in control of the money” and predict that they will “never give up control”. .

“But I have a similar interest in gold, because what was the first thing former US President Roosevelt did in 1933? He immediately took all the people’s gold. “

When asked about the topic of his speech at the Bitcoin conference in Miami, Paul emphasized that it will not necessarily be about the technical implications of blockchain technology or from a pro-Bitcoin perspective, but more from the perspective of enabling the market , decide and choose freely:

“I’m not going to try to technically explain whether it’s good or bad. I’ll go further into the case of legalizing freedom of choice. The people should make the decisions, not the government.”

Mr. Teacher

According to Cointelegraph

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