April 17, 2014
Ron Paul detailed his thoughts on Bitcoin in one of two posts he wrote on the question-and-answer site Quora Wednesday. While the former Republican presidential candidate and congressman expressed support for the cryptocurrency, he also said it is not “true money.”
“Though I don’t personally believe that Bitcoin is true money, it should be perfectly legal and there should be no restrictions on it, there should be no taxes on it,” Paul wrote. “The people who operate Bitcoin would, of course, be prohibited from committing fraud but the people should be able to have competition whether it is a basket of commodities or crypto-currencies – it should be perfectly legal.”
Paul described Bitcoin as an “introduction” to competition for the dollar that could improve our “terrible monetary system.”
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