Ron Paul on Cryptocurrencies: I Support Competing Currencies

What’s in your cryptocurrency wallet? Bitcoin (BTC), Litecoin or even a Coinye? Well, what about owning some RonPaulCoins named after three-time presidential candidate and bestselling author of “End the Fed” Ron Paul?

This month, the RonPaulCoin has been making headlines as it has been created in tribute to Paul, who supports ending the Federal Reserve System, advocates competing currencies and endorses the ideas of economic freedoms. Akin to bitcoin, the RonPaulCoin is an open-source, secure digital currency that facilitates peer-to-peer transactions without fees and regulations.

Ron-PaulIn an interview with CNBC on Wednesday, Paul was asked about these new coins, in which he confirmed that he has nothing to do with them. However, he did say that he does support the RonPaulCoin and other cryptocurrencies like it because he wants currencies to compete with each other.

Paul explained that the federal government is supposed to provide its citizens with honest money and to prevent counterfeiting and penalize any government official that counterfeits. In today’s world, though, Paul says, the government is the counterfeiter by creating $75 to $85 billion a month.

“Now, this is a private alternative to the abuse of government and I don’t understand all the computer technology of the bitcoins and the other alternatives, but as long as there is no fraud involved then I’m all in favor of competition,” stated Paul.

He added that he doesn’t own any bitcoins, but despite reservations that others may have, he argues for the option to choose and alternative currencies that are being created “is what we need.”

I’m confident the dollar won’t remain the reserve currency of the world. Today it happens to be pretty strong … I just don’t think the dollar is going to last, I don’t think any fiat currency lasts forever. They all self destruct. Right now the world is engulfed with fiat currency, they’re all paper currencies. That’s one of the other reasons the dollar holds up: what are you competing against: the euro and the yen? The competition out there isn’t any good.”