Thursday, November 2, 2017

Ron Paul says that Bitcoin is not 'real money', but can act as such in voluntary exchanges and transactions

When it comes to money and central banks, Ron Paul is a scrupulous arbiter of the truth.  So it should not be surprising that when asked on Oct. 31 in an interview with Kitco whether he thought Bitcoin and cryptocurrencies as a whole were 'real money', his response was a resounding no.  However Paul added a caveat to this in saying that Bitcoin can and does 'act like real money' in certain situations such as in voluntary exchanges between people, and for the purposes of exchanging wealth.

Paul also discussed his views on prices going forward of gold versus the dollar, warned about government involvement in cryptocurrency, specifically Bitcoin, and whether cryptocurrency was taking away from gold’s thunder. 
“Are you a believer in the cryptocurrencies?” Cambone asked. 
“Well,” Paul began, “I’d have to talk about the world ‘believable.’ I take some very strong political positions on competing currencies. I want to legalize all competing currencies. And if you can come up with a competing currency, and there is no fraud, I think it should be,” he stressed. 
“Quite frankly,” he admitted, “I don’t understand the technology of cryptocurrencies. I just want to make sure no fraud is involved. But I am also concerned about the government involvement.” 
When Paul was further pressed whether he considered Bitcoin “real money” he said no.
“Does it represent real money to you?” Cambone further asked the former presidential candidate. 
“Not to me, no, it doesn’t,” Paul answered. “But if it serves the voluntary exchanges of people, and serves the purpose of exchanging wealth, … it could act as if it were money ….” he stated.- Zerohedge
Academically, neither cryptocurrencies nor sovereign fiat currencies are defined as real money.  However the fact of the matter is anything that becomes backed by confidence can function as a medium of exchange, especially in the case of debt based currencies like the dollar that are backed by law through their 'legal tender' status.

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