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Former Texas Representative Ron Paul has been a strong proponent of libertarianism and free markets. It was very much evident during day one of the Bitcoin 2021 Conference in Miami where the granddaddy of liberty heavily criticized the U.S. Federal Reserve and that the king coin should be taken into consideration.
The libertarian speaks
The libertarian did so in front of a crowd where he said, “We don’t need the Federal Reserve” adding that it’s riddled with corruption and it should be abolished. Such a statement was aimed towards the U.S. government’s stimulus package whose aim is to alleviate the economic impact of the lockdowns that were imposed due to the ongoing global health crisis.
Albeit admitting that his knowledge of cryptocurrency is minute, he pointed out that digital currencies like Bitcoin could ease up government spending which according to him is perplexing. He said that it’s going to work well for Bitcoin and went on to say that digital currency should be considered seriously.
Inflation and Bitcoin
With that $6 trillion national budget that President Joe Biden proposed, this clearly shows that the U.S. is out to splurge more and will without a doubt cause inflation. Before the crypto event in Miami, the “Liberty Report” host spoke with Kitco News’ Michelle Markori as to whether such event (inflation) can still be reversed, Paul responded with a quick “no” adding that the Fed will have no control whatsoever as it will be the endpoint according to him.
Markori also touched on the topic where many are now sensing that the debasement of the dollar is inevitable and are now seeking alternatives like Bitcoin as a potential crypto asset/potential store of value. That said, she then asked Paul about his stance regarding digital gold.
Letting people sort it out
Paul replied that even though he’s more of a precious metals guy adding that he’s fascinated by it for quite a while, he pointed out that he’s also fascinated with what’s coming. Further, he explained that his goal is to legalize the competition (Bitcoin) and will let the people sort it out. Giving them that freedom of choice.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
