Former presidential candidate Ron Paul emphasized the need for mainstream financial institutions and governments to consider bitcoin seriously.
Speaking at the Miami Bitcoin 2021 conference, he raised the issue in the context of the “current state of the economy” and monetary policy in the US.
Paul took a jab at President Joe Biden’s $6 trillion budget proposal stressing once again that current federal spending is already coming to an end and adding that the existing problems are going to get much worse.
“There is a lot of free money that is circulating these days, he said, adding that the Federal Reserve is “corrupt”, and any future administration should seek to get rid of it.
“Spending is going to work well for bitcoin”, Paul said and advised governments to take the currency seriously.
Crypto communities have found a friend in Paul especially now that the US government is vowing to spend more in a bid to boost the economy. However, crypto aficionados believe that this will lead to further depreciation of the US dollar and the mass adoption of cryptocurrencies, and bitcoin.
Paul’s vision of bitcoin echoes that of Satoshi Nakamoto before developers stepped in and somewhat twisted the idea.
The original paper published by Nakamoto stipulated that bitcoin should be free of governmental interference but subject to government oversight to guarantee a fair game for everyone.