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Former congressman Ron Paul: Bitcoin is money and should be taxed the same

Digital Currencies

Former congressman Ron Paul believes Bitcoin should be regulated and taxed the same as money

Former presidential candidate and congressman Ron Paul has renewed calls for Bitcoin to be legalized as money and not taxed

Paul is a staunch libertarian and author of the Bitcoiner favorite “End the Fed,” who has advocated for the legalization of Bitcoin and other cryptocurrencies in the past

Ahead of his appearance at the Miami Bitcoin conference on June 3, the 85 year-old spoke with streaming financial news provider Kitco News and noted that his goal is to “help legalize the competition, and then I think the people will sort it out. Freedom of choice will sort it out

The former congressman described gold and Bitcoin as money and “competition” to the U.S. Dollar and highlighted that a major reason investors seek out such alternative forms of money is to hedge against the declining value of the U.S dollar

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

Right now, if you buy and sell gold, you get it taxed, they can do that. If you make a profit in Bitcoin, you read stories about people being taxed on it

Paul believes that U.S. regulatory bodies are moving to regulate and further tax Bitcoin because it’s competing with the U.S. dollar, and noted that governments throughout history have been “notoriously very eager to have control of the money, and predicted they will never give up control

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