Former Bitcoin skeptic: cryptocurrencies will help to avoid a recession
Source:Retired U.S. Congressman Ron Paul previously expressed in relation to Bitcoin with skepticism. Now he calls for the release from taxes all transactions with cryptocurrencies as it is able to prevent economic recession. The father of the current US Senator Rand Paul made this assumption in the publication under the title «trump is right, the fed went nuts». There he denounced the Federal reserve system for the manipulation of interest rates.
Perhaps very soon, the fed will cause another recession. So she is lead to the collapse of Fiat currency.
Paul pointed out that the only way to avoid a major crisis is to give people a free to use alternative currencies and be exempt from taxes all operations with precious metals and cryptocurrencies. Then the budget will flow and capital taxes from other sources.
theManipulation of the fed creates the "illusion of prosperity"
According to Paul, the Central banks constantly increase and reduce money supply. This is done in order to control the economy through interest rates. Such cyclic manipulation of the fed only fuel the recession by creating artificial economic growth.
This creates the illusion of prosperity. But in the end reality catches up with fantasy fed. And then there is a recession or even crisis. After that, the cycle of decline and prosperity is started again.
In December 2017 he was skeptical about the cryptocurrency and advocated for the gold standard. According to the CCN, at the time Paul was very surprised, because most of his Twitter followers would prefer to invest in Bitcoin, than in gold. He commented that the phenomenon of Bitcoin is very exciting, but it is unlikely that investing in are aware of the lack of long-term prospects.
That it [Bitcoin] will be in 10 years? Nobody knows. But we all imagine at the moment is gold.
From that moment on, Paul changed his views on cryptocurrencies and now claims that Bitcoin and currency, backed by gold, it can coexist in a free society. More data to search for .
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