The governments of the world have not fully sympathized with the idea of Bitcoin, some more than others, but it is still a minority. In the case of the United States, positions vary widely between individuals, but there is generally a dislike for “security.” Along those lines, former Congressman Ron Paul warned of a government crackdown on Bitcoin and safe-haven assets. He also mentioned that they may not be safe from government intervention. “The government is the threat,” he said, noting that “they will crack down because they have the capacity to do so.”
Why does Ron Paul claim that the government is the threat against Bitcoin?
During an interview with Kitco News’ Michelle Makori, former presidential candidate Ron Paul shared his take on the government’s intervention in Bitcoin. Paul is a retired American author, physician, and politician. At the time, Paul was asked about the “threat of possible gold confiscation or one form or another of government intervention.” “Do you expect possible tax changes or regulations that will prevent a capital flight to these assets that could be seen as an alternative to the dollar, like gold, like Bitcoin?” He was asked.
In response, Ron Paul replied: «Absolutely … andThe government is the threat because it will crack down because it has the capacity to do so». He added: “We tried. If you don’t know where to start, just start with the Constitution, that might give you an idea of what a free society is.
Other comments from Paul
Paul was also asked: “What form of repression do you think could be taken when it comes to assets, such as gold and even Bitcoin, that are potentially at risk of government intervention with stronger taxes and regulations?” The former congressman replied: “I think all that can happen.” He explained that “either the tax system will be used,” or the government will simply print more money, resulting in “the devaluation of the currency.”
He also opined: “But they will do it for public relations reasons. They will have to show that they are imposing a high tax on the very rich because of the civil strife that is going on. On the infrastructure bill proposed by President Joe Biden, Paul expects it to turn out “worse than average.”
He opined: “Most likely they do what those kinds of programs always do, they spend a lot of money, they are inefficient. They always cost more than they thought they should. Also, it is based on a mystical belief that you shouldn’t worry about the deficit… everyone is in a dream.
Do you think Ron Paul is right to maintain his reservations about the actions of the US government with Bitcoin? Or do you think he’s exaggerating about it? Tell us in the comments.