Ron Paul, a previous US presidential candidate and now retired but respected politician, has suggested that a combination of gold and cryptocurrencies could eventually replace the US dollar, writes Bitcoinist.

Paul, who ran for the US presidency in 1998, serving in the US Congress for Texas several times between 1976 and 2013, once said famously:

“I am concerned about the erraticness of the dollar. The dollar is up, the dollar is down. We print a lot of dollars. The dollar gets devalued. That is really the concern. If people think the gold price up and down is a reflection of something wrong with gold, no – I say it is something wrong with the dollar.”

Paul, a known critic of the federal government’s fiscal policies, especially the existence of the Federal Reserve, sees a worldwide monetary crisis as inevitable. He suggests that the world is currently in a “dangerous financial situation”.

“This is why the call for monetary reform is getting louder. These dangers prompt a growing number of people to plan for an alternative monetary system. This is good news,” he argued.

The ex-congressman has been active in encouraging monetary change, backing his views with action, encouraging people to invest in Bitcoin-based retirement accounts. His son Senator Rand Paul, who followed in his father’s footsteps running as a presidential candidate, even accepted Bitcoin contributions during his presidential campaign.

Paul suggests that competition with the dollar should be legalized, using an alternative model combining gold and cryptocurrencies using blockchain.  He acknowledges that a similar process is already underway with many countries as they look to their own currencies.

He refers to the Federal Reserve Bank, the Treasury Department, the Securities and Exchange Commission, and the Commodity Futures Trading Commission as protectors of “monetary elites”. Paul has clearly changed his views on cryptocurrency since comments he made in back 2013 when he said of Bitcoin:

“If I can’t put it in my pocket, I have some reservations about that. But it has been designed in the free market. If it is a means of exchange, it would not ever be illegal. You shouldn’t regulate it in the free market, but I do not think it fits the definition of money, which has been around for 6,000 years.”


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