Ron Paul is making the rounds on the mainstream media talk shows to discuss the future of bitcoin and the death of the dollar.
“There will be alternatives to the dollar, and this might be one of them,” Ron Paul told CNN. If enough people start using bitcoins “it’ll go down in history as the destroyer of the dollar.”
He thinks it may be less threatening to the Federal Reserve than gold. For instance, when Ben Bernanke was asked about Bitcoin, he seemed to think it was an interesting idea. He even suggested it may hold “long term promise.”
However when Ron Paul asked him about gold, he flatly stated that gold is not money.
So what IS money?
“Greenspan says he doesn’t understand the intrinsic value of a bitcoin – and quite frankly I don’t either – but what about the intrinsic value of a dollar? Nobody knows what THAT is,” Paul said.
“The history of money shows that people like to see something and touch something and understand something,” he told Fox News. And while Bitcoin doesn’t meet any of that criteria, Paul still believes it will work with other forces to erode the dollar.
But those forces will be reactive, not proactive. Bitcoin will not kill the dollar, it will just offer an alternative when the dollar finally tanks — and the more bitcoins that get used, the worse it will be for the dollar.
“I’m a strong believer in competing currencies, and right now this may fit the bill…”
Watch the interview with CNN below:
And Fox News:
