By Jason Patterson | USA
Bitcoin has recently expanded in several ways. No longer than a year ago it was just a libertarian fantasy of an alternative to government-controlled currency. Now it has a ton of media attention and some Congressmen even are now saying Cryptocurrency should now be Illegal.
Ron Paul, a liberty-minded Republican has recently made claims on it, supporting the organization as a great alternative. He even said that he introduced legislation to allow competing currencies when he was in Congress because he hates the current system.
As Cyprtocurrency puts the banking business at risk, big time bankers have been extremely critical about this alternative. From economist Robert Shiller to JP Morgan Chase chief Jamie Dimon, people have warned people of buying Bitcoin. Ron Paul has recognized the flaws in the existing monetary system and has spoken honestly about it:
I abhor the system that we have. The official counterfeiters are at the Federal Reserve. That is a big misstep and a big problem. So people should have the right to choose. They did originally when money started. Then they picked gold and silver. And the government has taken over and abused that standard and monopolized it. And destroyed it in this country.
He has also stated that he is all for alternative currencies as long as they aren’t fraudulent or cheating people for their money.
I think the jury’s out on how far they’re going to go with cryptocurrencies acting as money. Right now, I don’t see it because, in my studies of monetary history, it’s always been something tangible. People want something tangible. Somebody has to sort it out if [cryptocurrency] ever becomes money. But I have questions because historically, money should be something that’s tangible, but it should be legal, as long as there’s no fraud.
Bitcoin and cryptocurrencies are becoming more popular and more used. Major exchanges in the US are even expected to offer contracts on them later this year.
Image from CNBC.