Former Texas congressman, Ron Paul, commented on bitcoin insinuating that cryptocurrencies should not be considered money, although he is “amazed” by the price development.
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“If people want to use it, the government should stay out of it,” said Paul in an interview.
Paul expressed that he prefers gold or precious metals over cryptocurrencies.
However, Paul admits that he is inexperienced in cryptocurrencies but defends the technology to the extent that it can aid in the substantiation of unconventional currencies in the United States.
Ultimately, Paul cited two core concerns with cryptocurrencies. The first is the risk of fraud, and the second being government surveillance.
Paul believes the prevailing currencies already have excessive regulation and has articulated his fears that this could be directed to cryptocurrencies as well.
Regarding blockchain, Paul said the technology “has a lot of future to it.”
Rand Paul, son of Ron Paul, started accepting bitcoins for campaign contributions, ahead of the approval to do so by the US Federal Election Commission.