(Kitco news) – With Bitcoin Amid regulatory pressures in Turkey and China, investors are concerned whether further investment restrictions will be placed on cryptocurrency in the US, particularly now that newly appointed SEC chairman Gary Gensler has announced that new regulations are in the pipeline.
Former Congressman Ron Paul said that bitcoin was a form of money and money shouldn’t be regulated.
“The moment you buy and sell gold it’s taxed, you can. If you’re making a profit on Bitcoin, read stories about people being taxed on it. You can’t tax money, you can’t if you’re in front of one If you bought a dollar a year and it’s down 10%, you can’t take a loss because your dollar has depreciated, “Paul told Kitco News editor-in-chief, Michelle Makori.
Governments will always try to suppress alternative forms of money, Paul noted, but it is important to let the free markets decide what is best rather than let the state intervene.
“I will do more to legalize freedom of choice and the people should make a decision, not the government,” he said. “And the market will finally determine that my goal is to legalize competition. And I think people will regulate it, freedom of choice will regulate it.”
Watch the video above to see Paul’s views on monetary policy, the Federal Reserve, and inflation.
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