Ron Paul: Exempting cryptocurrency from taxes will help avoid the recession created by the Fed

The well-known critic of the Federal Reserve and part-time supporter of cryptocurrency Ron Paul published an article entitled "Trump Is Right, Fed Is Crazy", where he urged to abandon the fiat money printed by central banks, and start using alternative calculation options, which include cryptocurrencies.

Paul, discussing recent interest rate rises that US President Donald Trump called "crazy", explains that people always prefer using precious metals in cases where the national currency becomes unstable because the value of gold and silver is more stable. Therefore, the only chance to avoid a pending crisis is to abolish the "monetary madness," which includes the taxing of Bitcoin and other cryptocurrencies.

"The first steps are passing the Audit the Fed bill, allowing people to use alternative currencies, and exempting all transactions in precious metals and cryptocurrencies from capital gains taxes and other taxes"

Ron Paul, who ran for president in 1998, has long argued that precious metals are the best reserve currency, and the government-created fiat currency is subject to constant manipulation by changing interest rates.

Now, when cryptocurrencies are widely publicized, he adds them to the basket of values. Although some adepts of cryptocurrency believe that Bitcoin can replace gold, Paul does not accept such a radical position.

"It's conceivable that cryptocurrencies, using blockchain technology, and a gold standard could exist together, rather than posing an either-or choice. Different currencies may be used for certain transactions for efficiency reasons," Paul wrote in a June 22 post.

SOURCE