- Former congressman Ron Paul has shared his concerns about government policies regarding Bitcoins and other cryptocurrencies.
- He also stated that no place could be a safe haven as the government has powers to conduct raids without warnings.
Under the current circumstances of continued uncertainty about the legal and regulatory protocols surrounding cryptos, it is natural that people have differing opinions on this matter. Former and retired politician Ron Paul, in an interview, stated that this could be the very ammunition that the government may use to raid tax havens and bring more assets under regulation.
Bitcoin faces a governmental threat
Bitcoin, like gold, is seen by many as a store-of-value, especially in the recent pandemic times. Several wealthy investors have acquired gold and virtual tokens and stashed them in safe havens, supposedly free from government intervention. However, Paul says that their reasoning is flawed since the government will always have the ability to implement stricter oversight measures.
Incidentally, renowned financial experts such as Michael Burry and Ray Dalio, the founder of Bridgewater Associates, share Paul’s concerns regarding this issue. They feel that gold especially is under a looming threat of confiscation by the government while also remarking that new policies would ensure that the flow of capital towards assets that are viewed as alternatives to the dollar, including Bitcoins, would be reduced considerably.
Paul reiterated that a crackdown was always a choice which the government had. He added that assets could come under increased scrutiny leading to higher taxes being imposed or that the government may resort to printing more currency notes that depreciate its value. Moreover, Paul also stated that such actions would only be possible if it is correctly advertised for the public’s benefit. An image of the elected government taxing the wealthy more would probably play well, especially during its citizens’ current civil strife.
Paul also added that the recent infrastructure bill proposed by the Joe Biden administration is riddled with flaws, leading it to perform very poorly. He was also of the opinion that such measures would do what they all do – spend larger amounts on inefficient programs while also incorrectly staying unworried about financial deficits.
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