Base on a recent report, a retired U.S Congressman Ron Paul, made a suggestion pertaining to taxing cryptocurrencies. He suggested that cryptos should be exempted from tax in order to prevent an economic recession.
Trump Is Right, the Fed Is Crazy— Ron Paul
Ron Paul, who is a well-known bitcoin critic made this suggestion known through a blog post he titled “Trump Is Right, the Fed Is Crazy, ”. In the blog post, he spoke about how the Federal Reserve manipulated interest rates and how their action is likely to bring the U.S economy into recession earlier than estimated. He stated that: “It is likely that the next Fed-created recession will come sooner rather than later,” He also said that:
“This could be the major catastrophe that leads to the end of fiat currency.”
Based on the blog post, Paul believes that the best way to avoid the incoming crisis is to allow people to use alternative currencies and to exempt.
Paul made it known through the post that the central banks are responsible for the constant increase and decrease in the supply money. This is in their efforts to control the economy by controlling interest rates.
Paul also said that the Federal Reserve‘s cyclical manipulation of interest rates actually fuels recessions by creating an artificial economic boom.
He pressed on by saying that:
“Eventually, reality catches up to the Federal Reserve-created fantasies. When that happens, there is a recession or worse, leading the Fed to start the whole boom-and-bust cycle over again.”
Crypto Community Loves Ron Paul
Ron Paul is who is also the father of a US serving senator has been described as a libertarian who opposes government intervention in the free market. Although a stern critic of bitcoin, his libertarian nature as well as his love for an unregulated and decentralized and unregulated market that crypto operates in.