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Should Bitcoin be Legalized as Money?

“Bitcoin should be legalized as money” says Ron Paul, a Libertarian.

Ron Paul was the former US Congressman and Libertarian Party candidate for the 1988 United States presidency. He has put forward a tenacious case saying that Bitcoin should not be regulated.

In an interview from last week, Paul stated how supporters of one of his three presidential nominations have designed a coin that bears his image named “the Ron Paul Dollar.”

“They got into big trouble. They could not use the word ‘dollar’ as it encroached on the [US] government’s monopoly control of money.”

Ron Paul

Paul is expecting that the greenback will survive, he referred to a famous wisdom that Bitcoin will eventually replace the US Dollar. “It will still be around though it won’t be worth much,” he said.

“Legal tender laws force you to use legal tender, so [the US government] won’t allow you to replace the dollar with cryptocurrency. There will be laws against that, but I want to legalize it.”

Ron Paul

Bitcoin’s Regulation

bitcoin

Now that Bitcoin is facing regulatory pressures in different countries like China, investors are worrying that the same limitations could also be placed on cryptocurrency in the United States.

“Right now, if you buy and sell gold, it’s subject to tax,” Paul stated. “If you make a profit in Bitcoin, you read stories about people getting taxed on it. You can’t tax money … If you bought a dollar a year ago and it went down 10 percent, you can’t take a loss because your dollar lost value.”

A lot of governments will always try to suppress the alternative currencies, Ron Paul emphasized. However, he added that the free market is the one that should ultimately be permitted to decide. “I will argue more the case for legalization of freedom of choice,” he said. “The people should make the decision, not the government.”

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