Former presidential candidate and Congressman Ron Paul has been more outspoken about government oversight of Bitcoin and other cryptocurrencies over the past week, calling on people to be “vigilant.”
In an episode of the Stephan Livera podcast released on Sunday, Paul said he was just as concerned about the authorities coming to “confiscate” his gold as he was about the confiscation of crypto assets. The libertarian noted that there had been cases of people “taking cryptocurrencies that they shouldn’t be using,” but seemingly blaming the government for possible fraud in the future.
“The more successful crypto will be and Bitcoin will become, I think the more you need to be aware of what’s going on in government, the more aggressive it will be,” said Paul. “I get it [crypto] as no orphans of the government, but the government is watching very closely. “
The former Texas congressman – an outspoken critic of the Federal Reserve – is known for his advocacy of gold, although he has at least bitcoin (BTC). Bobby Lee, board member of the Bitcoin Foundation gave Paul his first BTC last October when the price was $ 9,380.
Since leaving Congress in 2013, Paul has spoken frequently in favor of cryptocurrencies and blockchain technology. “When I was at a convention, I thought the most important thing was to do what we could [Bitcoin] legal, ”said Paul. “I had a bill that would legalize competing currencies because if it is to be used as money, you are competing with the dollar – and there are some people who don’t like that.”
In addition, Paul has expressed concern that crypto is still vulnerable to a government crackdown. In an episode of the Ron Paul Liberty Report released last Tuesday, the libertarian cited how President Franklin D. Roosevelt signed an executive order in 1933 to restrict gold holdings in the United States in response to civilian hoarding of the precious metal.
“People say ‘well we can get around this with crypto … crypto will be out here … it’s not in the banking system, and you won’t have that problem,'” said Paul. “I think there is some evidence to be provided there.”
He concluded that:
“If the government can come in and do whatever they want and steal the people’s gold, I don’t think the government will be neutral [for crypto]. As time goes by as our government’s goal is to have a cashless society. And they want to know what’s going on. “