Investment

Bitcoin is money and should be taxed the same

Former presidential candidate and Congressman Ron Paul has renewed calls for the legalization of bitcoins as money and not taxation.

Paul is a reliable libertarian and author of the popular bitcoin film “End the Fed,” which advocated legalization of bitcoins and other cryptocurrencies in the past. The former congressman also regularly aimed at the Federal Reserve System for the uncontrolled printing of money since the beginning of the pandemic.

Before his performance at Miami Bitcoin Conference On June 3, Kitco News, an 85-year-old streaming financial news provider, said his goal was to “help legalize competition, and then I think people will work it out.” Freedom of choice will solve it. “

The former congressman described gold and bitcoins as money and “competition” to the US dollar – and stressed that the main reason why investors are looking for such alternative forms of money is to hedge against the declining value of the US dollar.

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

“Right now, when you buy and sell gold, you get taxed, they can do it. If you make money in bitcoin, you will read stories that people are taxed on it. You can’t tax money, not tax it. If you bought a dollar a year ago and it fell 10%, you can’t suffer a loss because your dollar has lost value. “

Paul believes that U.S. regulators are seeking to regulate and further tax bitcoins because they compete with the U.S. dollar, noting that governments throughout history have “notoriously longed for control of money” and predicted that “they will never give up.”

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

When asked about the subject of his address at the Miami Bitcoin Conference, Paul emphasized that he did not necessarily talk about the technical significance of blockchain technology, or from a pro-bitcoin perspective, but rather from the perspective of market penetration decisions and freedom of choice:

“I’m not going to try to explain exactly technically whether it’s good, bad, or indifferent.” I will argue more about the legalization of freedom of choice and. It should be up to the people, not the government. “



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