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Bitcoin Must Be Taxed as Fiat Currencies, Says Libertarian Ron Paul

Ron Ernest Paul, former congressman and libertarian conservative from the U.S believes bitcoin must be legalized as fiat currencies. Paul is an American author who strongly advocates for the legalization of bitcoin and other digital currencies. His fondness and interest towards bitcoin named him as a “Bitcoin Bull”. Paul strongly accepts the truth that the crypto market will be the future for citizens by all means. 

Ron Paul as Bitcoin Bull

The former presidential candidate Paul was lucky to receive its first Bitcoin (BTC) from ballet crypto founder, Bobby Lee. On Nov 2nd, Lee officially announced that he presented him with a gold-plated bitcoin wallet on behalf of his company. Paul loved the gift as it consisted of a special serial number AA000820 which matched his birthday. 

The Bitcoin 2021 Miami conference held on June 3 records a statement shared by Paul. He stated that his aim is to “help legalize the competition”. Economic freedom must be let into the hands of people. In the conference, Paul executed his thoughts comparing gold with bitcoin. He presents that if people buy or sell gold they pay taxes in general. 

According to Paul, bitcoin is money. Therefore money cannot be taxed and profits earned from bitcoin will not impose taxes. Besides he added,

You can’t tax money, you don’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 lost value.”

As a result, Ron paul feels that bitcoin must be taxed as fiat currencies, where taxes are added to the legal tenders.  Moreover, he strongly advises the U.S federals to legalize bitcoins and other digital currencies for the citizens to enjoy their economic freedom.

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Jine Angel

A responsible HR Admin with good experience in an international pharmaceutical company. She is passionate about dedicating her time to share her perspective about crypto and blockchain technology.

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