Ron Paul Cautions Government Could Still Ban Bitcoin — Says He’s Influenced ‘a Whole Lot’ by History

Former U.S. Congressman Ron Paul says he still believes that the government could outlaw bitcoin mainly because he is “influenced a whole lot by history and the gold history.” Despite his warning, Paul stressed that crypto “should be obviously permitted.”

Former presidential candidate Ron Paul discussed the future of bitcoin and the economic impact of the Russia-Ukraine war in an interview with Kitco news’ Michelle Makori Thursday.

Paul is an American author, physician, and retired politician. The former representative from Texas launched The Ron Paul Liberty Report in 2015 to bring “provocative opinion and analysis to the breaking issues affecting our lives and finances,” its website details.

The former congressman has repeatedly warned that the government could crack down on bitcoin. “My concern is that governments over centuries have been notoriously very eager to have control of the money. Believe me, they will not give up control of money,” he described.

However, interest in bitcoin has soared recently with more institutional investors supporting the ecosystem. This week, the Ukrainian government created a legal framework for cryptocurrency following the invasion by Russia. It also set up an official crypto donation website. Moreover, BTC is currently legal tender in El Salvador.

Paul was asked if he still believes that bitcoin is at risk of being outright banned or outlawed. He replied:

Yeah, I do, mainly because I’m influenced a whole lot by history, and the gold history, and my interest in studying money and some of the principles that Austrian economics teaches about what the nature of money should be.

Nonetheless, Paul emphasized:

But that doesn’t sway me from arguing the case for those who know about crypto, who understand it better than I do, that it should be obviously permitted. But a lot of people don’t understand it so I would be cautious.

He further shared: “I’ve been trying to figure out, is [bitcoin] more like a stock or a bond or a hard asset commodity. Right now, I would say, looking at different statistics, it seems to trace stock prices.”

In June last year, the former congressman said he wants bitcoin to be totally legalized to compete with the U.S. dollar and let the people decide. “My goal is to legalize the competition and the people will sort it out. Freedom of choice will sort it out,” he opined.

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