Politician Ron Paul: US Government Should 'Stay Out' of Bitcoin

Former U.S. Congressman Ron Paul said this week that he supports cryptocurrencies and blockchain technology.

AccessTimeIconOct 30, 2017 at 2:00 a.m. UTC
Updated Sep 14, 2021 at 1:56 p.m. UTC

Former U.S. lawmaker and presidential candidate Ron Paul doesn't think cryptocurrencies should be considered money, but he's "amazed" by their growth.

In an interview with financial news organization TheStreet last week, Paul put forth a range of views on the subject, stating that while he isn't an expert, he does support the technology insofar as it can help the legalization of alternate currencies in the U.S.

However, while Paul was ambiguous about whether he believes cryptocurrencies will be able to serve as money (noting his preference for gold or precious metals), he was adamant about one point – that the U.S. government's involvement in the oversight of the technology should be limited.

Paul told the news source:

"If people want to use it, the government should stay out of it."

Still, Paul ultimately mentioned two main concerns with cryptocurrencies: the first is the possibility of fraud, and the second being government oversight.

For example, Paul believes there is already too much surveillance on existing currencies and how they are used, and he expressed concern this could be applied to crypto assets.

But despite his uncertainty on some aspects, he does think that blockchain technology "has a lot of future to it," statements that put him in the ranks of politicians to come out in support of the technology.

Notably, Paul's son, Rand, began accepting bitcoin for campaign donations this year, following the practice's approval by election oversight groups.

Ron Paul image via Rich Koele / Shutterstock


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