- Former US congressman said BTC is a form of money.
- Gary Gensler has published new regulations.
- Paul noted that governments will always try to do away with alternative forms of money.
Moreover, as Bitcoin has faced regulatory pressure in Turkey and China, investors are concerned about placing more investment restrictions on cryptocurrency in the United States. Particularly now that the new chair of SEC, Gary Gensler, has published that new regulations will be on their way.
Right now, if you buy and sell gold, you need to pay a tax; they can do that. If you earn a profit with Bitcoin, you read stories about people paying tax. If you bought one Dollar a year ago, and it’s gone down 10%, you can’t take a loss because your Dollar has lost value,
Ron Paul said;
In addition, Governments will always try to do away with alternative forms of money, Paul noted. But it’s important to let free markets decide what’s best instead of involving the state. Notably, Ron tries to propose a law aiming to get rid of tender laws.
“I will advocate more for legalizing freedom of choice, and the people should make a decision, not the government. The market will finally determine that my goal is to help legalize competition. And I think people will fix it; freedom of choice will fix it,” He added.
Furthermore, some rules led by China have already started a crackdown on bitcoin. According to Chinese authorities, digital currencies are a threat to financial stability.