Ron Paul – Bitcoin is Money and Should be Taxed the Same
I didnt know Ron Paul was speaking at Bitcoin Conference today, would be nice to be in Miami right now
Former congressman Ron Paul: Bitcoin is money and should be taxed the same
“Ahead of his appearance at the Miami Bitcoin conference on June 3, the 85 year-old spoke with streaming financial news provider Kitco News and noted that his goal is to ‘help legalize the competition, and then I think the people will sort it out. Freedom of choice will sort it out.’
The former congressman described gold and Bitcoin as money and “competition” to the U.S. Dollar — and highlighted that a major reason investors seek out such alternative forms of money is to hedge against the declining value of the U.S dollar.
Paul believes that for this reason, ‘alternate forms of money’ should be taxed the same as fiat currency:
‘Right now, if you buy and sell gold, you get it taxed, they can do that. If you make a profit in Bitcoin, you read stories about people being taxed on it. You can’t tax money, you don’t tax it. If you bought a dollar a year ago and it went down 10%, you can’t take a loss because your dollar lost value.'”