10. Juni 2023

Legalize Bitcoin! – Congressman Ron Paul on BTC in the US

Legalize Bitcoin! – The former congressman Ron Paul expressed himself according to this motto in an episode of the Stephan Livera Podcast, which appeared last Sunday. Paul describes his view of the current relationship between the US government and the cryptocurrency Bitcoin.

Especially in times when the G7 countries are calling for acute regulation of crypto currencies, this topic seems more important and topical than ever.

Ron Paul on Bitcoin in the US

Ron Paul belongs to the scrap heap of the American political establishment.

Paul is a former Congressman and was a candidate for the US presidential election. The Texan is considered a libertarian free spirit.

In a recent interview, Paul spoke about Bitcoin Bonanza and cryptocurrencies in general. In short, Paul urges people to be more vigilant and responsible.

Let us now take a look at the individual statements made by the former presidential candidate.

Could the US government seize Bitcoin just like gold?

In essence, Paul expressed his concerns about strong regulation by the US government.

Paul said he saw the authorities‘ seizure of cryptocurrencies like Bitcoin as a real threat. Such a project has already happened three times in the past in the USA.

The last time government authorities seized gold from the population was during the Great Depression in 1933 .

Specifically, Paul said:

The more successful cryptocurrencies and especially Bitcoin are, the more you have to be aware that the US government will be more aggressive. Cryptocurrencies are not a product of governments and so they keep a very close eye on them.

Paul is considered an advocate for cryptocurrencies

In the overall context we have to note that Paul has come out several times as a critic of the American Federal Reserve Bank.

In this respect, the former congressman, who resigned from Congress in 2013, is considered an advocate for Bitcoin and Co. He received his first Bitcoin from Litecoin founder Bobby Lee.

As early as 2013 Paul started with a „Legalize Bitcoin“ approach, which aimed to allow currencies to compete.

When I was in Congress, one of my goals was to fully legalize Bitcoin. I had a draft that would have allowed currencies to compete. The problem is that it would have created competition for the US dollar and there are some people who absolutely dislike that.

Regulation still a threat to Bitcoin?

Paul stressed several times that he still regards government regulation as a major threat to Bitcoin and cryptocurrencies in general.

In memory of the act described above for the confiscation of US citizens‘ gold holdings in 1933, Paul warned against too much serenity in the crypto community.

Even if the tenor is repeated here that Bitcoin is a decentralized currency that comes from „outside“ and cannot be confiscated, one should not underestimate the power of the US government.

If the government can come and take your gold holdings away from you, I don’t think they’d be neutral on cryptocurrencies. At some point the world will come without cash and governments will want to use their money and know what is going on.

What is certain is that an indirect ban on stock exchanges and trading platforms as well as the restriction of fiat access would already represent a tough cut for Bitcoin and Co.