Senator Rand Paul believes that cryptocurrency may turn out to be the reserve currency of the world in the future, according to an interview aired last week.
Speaking to Axios, the US Senator, who is knows for his deep scepticism of big government, voiced concerns about the reckless attitude government’s have taken with their currencies, stating that crypto could be a viable alternative.
I’ve started to question whether or not cryptocurrency could actually become the reserve currency of the world as more and more people lose confidence in government.
Cryptocurrencies aren’t going away. Buy Bitcoin here.
The senator did not refer to specific cryptocurrencies like bitcoin or litecoin, but has been vocal about the king cryptocurrency in the past.
Indeed, this is not the first time the libertarian senator from Kentucky has made headlines in the crypto-verse. Back in 2015, the then presidential hopeful said he would accept Bitcoin donations for his campaign, an attitude which has only recently garnered traction across American and Western political circles.
The libertarian has been uncompromisingly critical of big government, and government-backed currencies like the US Dollar are no different since the controls that ought to keep policy-makers in check do not function.
The senator then elaborated on his lost confidence in fit currencies, stating:
But here’s what I’ve started to believe now…the government currencies are so unreliable, they’re also fiat currencies, they’re not backed by anything.
Rand Paul stokes age-old debate
Paul’s comments speak to a persistent debate in the industry about whether absolute scarcity in cryptocurrencies like Bitcoin should be viewed as an alternative medium of exchange or just another investment.
Currently, El Salvador is the only country on earth that has accepted Bitcoin as legal tender, but neighbouring countries have revealed plans to take the same route.
The idea is to begin a slow departure from a bureaucratic and overbearing system to one where free-market forces reign without government intervention.
The senator is not alone in his optimistic outlook of the industry. Senator Ted Cruz is also optimistic, stating earlier this month that Texas’ abundant energy resources presented a great opportunity for Bitcoin.
Last week, Twitter and Square CEO, Jack Dorsey issued an ominous warning about hyperinflation of the US Dollar.
Hyperinflation is going to change everything. It’s happening.
— jack⚡️ (@jack) October 23, 2021
All three individuals approach the same issue from a different angle, yet is evident in their conclusions.
Bitcoin’s price is $58,600 at the time of writing, up 44% on a monthly basis and down 12.5% since setting a new all time high on October 20.
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