Former presidential candidate and congressman Ron Paul has become increasingly vocal against regulatory oversight over Bitcoin and other cryptocurrencies in the past week, calling on people to “be vigilant.”
Paul said he was almost as concerned about authorities coming to ‘confiscate’ his gold as he was about the confiscation of crypto assets in an episode of the Stephan Livera podcast published on Sunday. The libertarian noted that there were reports of people “taking crypto that they shouldn’t,” but apparently blamed the government for some potential fraud in the future.
“The more successful crypto is going to be and Bitcoin is going to be, I think the more you have to be aware of what’s going on in the government will become more aggressive,” said Paul. “I see [crypto] as not a creature of the government, but the government’s watching very closely.”
The former Texas congressman is recognized for his gold advocacy, although he owns at least some Bitcoin. (BTC). The board member of the Bitcoin Foundation, Bobby Lee, gifted Paul last October with his first BTC when the price was $9,380. Paul has also spoken in favor of crypto-currencies and blockchain technology since leaving the United States Congress in 2013.
Paul also expressed concern that crypto is still vulnerable to government crackdowns. In an episode of the Ron Paul Liberty Report released last Tuesday December 1, the libertarian quoted how President Franklin D. Roosevelt signed an executive order in 1933 to restrict the ownership of gold in the United States in response to citizens hoarding precious metals.
“People say, ‘Well, we can get around this with crypto… crypto will be outside this… it’s not in the banking system, and you won’t have that problem,’” Paul recited. “I think that’s where there’s still some proving has to go on.”
He concluded that: “If the government can come in and do whatever they want and steal the gold from the people, I don’t think that the government will be neutral [for crypto]. As time goes on, since our government’s goal is to have a cashless society. And they want to know what’s going on.”