Ron Paul Defends Cryptocurrencies Calling Them A “Great Idea”, Supports Minimum Regulation

The U.S. libertarian politician Ron Paul has defended virtual currencies after the attacks they received from U.S. officials and President Donald Trump. The digital currency has fallen under $10,000 for a short period of time after Steve Mnuchin’s briefing on virtual currencies.

  • Ron Paul defends virtual currencies and believes they are a “great idea”
  • The comments show contrast with what Steven Mnuchin and Donald Trump said about Bitcoin

During the last few days, we have seen how many different relevant political figures in the United States have been attacking Bitcoin (BTC) and virtual currencies. Steven Mnuchin, U.S. secretary of the treasury and a former banker said that these digital assets are a national security issue. U.S. President Donald Trump has also written on Twitter that cryptocurrencies are used by criminals. The libertarian politician Ron Paul has defended Bitcoin and called virtual currencies a

“great idea.”

Ron Paul Defends Cryptocurrencies

It was not a good beginning of the week for digital currencies and Bitcoin. Virtual currencies were attacked by Donald Trump and Steven Mnuchin due to the risks and negative aspects of these new assets.

Ron Paul, who is often a presidential candidate in the libertarian movement, talked on CNBC’s Squawk Box and called digital assets a “great idea.” This politician is also a supporter of precious metals, including gold and he has been a Bitcoin supporter.

Libra, the cryptocurrency announced by Facebook on June 18, has also been attacked by regulators around the world that consider that it can be a competitor to national currencies. He has also said that he does not know what is going to happen with Facebook’s Libra, even when he likes competing currencies. He has also shown his support to Facebook saying that he is in favor of everything that the firm is doing.

About it, he commented:

“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.”

Libra is a stablecoin that was announced by Facebook and that its goal is to offer a faster and simpler way for users to make transactions, transfers and spend their money. The digital asset is going to be backed by fiat currencies from different countries including the euro, the U.S. dollar, the Japanese yen and the British pound.

He has also mentioned that the U.S. dollar is not going to last a long period of time. As he said, fiat currencies are going to self-destruct, they are all just paper currencies.

The negative comments seem to have affected Bitcoin and virtual currencies. The most popular digital asset fell under $10,000 for a brief period of time. Currently, Bitcoin is being traded around $10,800 and it has a market capitalization of $17.82 million.

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Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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