Cryptocurrency News

Legalize and tax bitcoin as money

Former presidential candidate and Congressman Ron Paul has renewed calls for bitcoin to be legalized as money and not taxed.

Paul is a staunch liberal and the author of bitcoiner favorite “And the Fed”, advocating for legalization of bitcoin and other cryptocurrencies in the past. Former Congressman also regularly against the Federal Reserve For its uncontrolled money printing since the pandemic began.

in front of your presence in miami bitcoin conference On June 3, the 85-year-old spoke with streaming financial news provider Kitco News and said that his goal is to “help legitimize the competition, and then I think people will sort it out. Freedom of choice will sort it out.”

The former congressman described gold and bitcoin as money and “competition” for the US dollar – and highlighted that a major reason for investors to seek such alternative forms of money is to counter the declining value of the US dollar. is to defend.

Paul believes that for this reason, “alternative forms of money” should be taxed in the same way as fiat currency:

“Right now, if you buy and sell gold, you are taxed, they can do that. If you make a profit in bitcoin, you read stories about people being taxed. You don’t tax the money. You can’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 has lost value.”

Paul believes that US regulatory bodies are moving to regulate and further tax bitcoin as it competes with the US dollar, and noted that governments throughout history have been “in control of money”. notoriously eager for”, and predicted that they would “never give up” control.

“But I would apply the same concern to gold, because, you know, what was the first thing Roosevelt did in 1933? He immediately took all the gold from people,” he said.

When asked about the topic of his address at the Miami Bitcoin Conference, Paul stressed that he would not necessarily speak on the technical importance of blockchain technology or from a pro-Bitcoin perspective, but more from the angle of giving the market freedom of decision and choice. :

“I will not try to explain technically whether it is good, bad or indifferent. I will argue more for legalization of freedom of choice. People should decide and not the government.”