Monday, January 19, 2015

Gold Prices Rally While Bitcoin Bombs

-Ron Paul
Hello, everybody and thank you for tuning in. I want to give an update on Bitcoin.

Bitcoin is in the news right now because the price is very low. At one time it was over $1,000. Now it’s hanging around $200 and sometimes a little bit below $200. A recent article in the Washington Post brought the subject up and they claim that it’s a Ponzi scheme for redistributing wealth from one libertarian to another. I don’t endorse that. I don’t think it’s a true Ponzi scheme. It was a cryptocurrency that was brought about.

I didn’t understand it. Quite frankly if I can’t understand it or feel it and hold it in my hand, I don’t think it’s real money. That’s why I keep thinking gold is real money and reserve notes are not real money. Nevertheless, it’s been used and my position has always been as long as there’s no fraud people ought to have the choice of using it. Even though I want to legalize competing currencies and someday they’ll be much more relevant, it’s very hard to think in terms of a new currency. Those individuals who are using Bitcoin are using them now. They still think in dollar terms.
(continue)
RON PAUL NEWS

Create a Link

<< Home