Reiterating as to what he stated last week, former Texas Republican Congressman and three-time presidential candidate Ron Paul warned that bitcoin could be a participant in bringing down the United States dollar. In the interview with the Fox Business Network, Dr. Paul also talked about the Federal Reserve and fiat money.
Here are some key quotes from the interview:
“There will be alternatives to the dollar.”
“This is one thing from Austrian Economics that always says money has to originate in the marketplace as a commodity.”
“I’m not buying any bitcoins and putting it in my shoebox.”
“Even if they give a token little cutback on quantitative easing it will panic the markets.”
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The headline is potentially misleading. It sounds like Paul won’t buy bitcoin because it could bring down the dollar, whereas he clearly wants to see the dollar replaced with real money (meaning it has to be brought down somehow), and his caution towards bitcoin is due to doubts about its stability and durability.