Former US Congressman: "Let bitcoin compete with dollar"
Investors in U.S. are anxious if more investment restrictions will be placed on the cryptocurrency and. what they will do. It is done due to the reason- with Bitcoin having faced regulatory pressures in Turkey and China. Especially now that the recently appointed Chair of the SEC, Gary Gensler, has declared that new regulations will be on the way.
Former Congressman Ron Paul believed that Bitcoin is a system of money and money should not be controlled. "Presently, if you buy and sell gold, you get it taxed, they can do that. If you make a profit in Bitcoin, you read stories about people being taxed on it. You can't tax money; you don't tax it. If you bought a dollar a year ago and it went down 10%, you can't take a loss because your dollar lost value,`` Paul told Michelle Makori, the editor-in-chief for Kitco News.
Governments will constantly try to suppress substitute forms of money, Paul renowned. As it's significant to let the free markets decide what's best as an alternative to having the state intervene.
Bitcoin is money and should be taxed the same- Former congressman Ron Paul
Former presidential candidate and Congressman Ron Paul has called for Bitcoin to be legalized as money and not taxed.
Paul is a loyal libertarian and author of the Bitcoiner favourite “End the Fed,” who has supported the legalization of Bitcoin and other cryptocurrencies in the past. The former congressman has also frequently aimed at the Federal Reserve for its unchecked money printing as the pandemic began.
Gaining his appearance at the Miami Bitcoin conference on June 3 has spoken with streaming financial news. He was a provider of Kitco News and noted that his goal is to “help legalize the competition, and then I think the people will sort it out. Freedom of choice will sort it out.”
Congressman defined gold and Bitcoin as money and “competition” to the U.S. Dollar. It was highlighted that the main reason investors seek out such alternative systems of money is to hedge against the decreasing value of the U.S dollar.
CBW - External Analyst