Ron Paul, who at one time in life was a bitcoin skeptic, in today’s crypto news we find out the complete opposite of those beliefs. The ex-US Congressman said that he believes cryptocurrencies to be the perfect tool in order to prevent the next economic recession.
He called for a tax exemption on cryptocurrencies and made this suggestion in a blog post ‘’Trump Is Right, The Fed Is Crazy’’ where he explains how the Federal Reserve is manipulating the interest rates.
“It is likely that the next Fed-created recession will come sooner rather than later. This could be the major catastrophe that leads to the end of fiat currency,’’ says Paul in the blog post.
According to him, the only way to bypass a crisis is to allow people to use cryptocurrencies and to exempt them from capital gains taxes and other taxes as well. Also, the banks constantly change the money supply in order to control the interest rates thus the entire economy.
While speaking about the Federal Reserve and the manipulation of interest rates, he explains how these actions boost recessions by creating an artificial economic increase. This comes as no surprise since Ron Paul is a libertarian and opposes any intervention from the government in the free market. This is why he also called for getting rid of the Fed.
The ex-US Congressman was a firm bitcoin skeptic but changed his mind when he found out the nearly half of his followers that use Twitter would more likely invest in Bitcoin. He then said that Bitcoin is very exciting at that time, but gold is a better option long-term. However, now he believes that bitcoin and any other gold-backed currency should co-exist in the free market.
Bitcoin Is Close To $4,100 As Tokens Gain 20%
"In my opinion, blockchain and crypto-related investment opportunities will be one of the fastest growing sectors in the alternative asset management space in the next 10 years. This means that every alternative asset manager will have to create a strategy to help their LPs gain exposure to the nascent industry," Pompliano said.Aside from the greens recorded in the top 20 cryptocurrencies, the best performers on the day include the names of Ontology, Ravencoin, Tezos, Huobi Token, and KuCoin Shares - all recording gains from 12% to 25% on the day.
Analyst: 90% Of Smaller Crypto Projects Will Result In Complete Loss
“No matter how these small projects are financed (via an ICO, premine, fair launch, dev reward, self-funded etc.), they are essentially young startups in a completely unproven technological field. Such startups are known to have an extremely high failure rate of about 90%,” the analyst explained.The "Wolf of Qtrade.io" also said that only Bitcoin, Ethereum and Monero are the coins that have "traction" and ones that should make up core crypto exposure.
"There’s no denying that there’s a realistic chance that somewhere in the 10% of the projects that survive lies a gem that ends up providing a 10x, 100x, or even 1000x return on investment," he said.Overall, his thoughts are very much in line with the other traders in the crypto community which now recommend investing only in the cryptocurrencies one can afford to lose and building the portfolio around high-cap coins such as Bitcoin and Ethereum.
Mayor Of Chicago: Cryptocurrency Will Save Countries From Financial Crises
“The trend lines are affirmative for its future. I don’t know if that’s ten years, and I don’t know if that’s 20 years, but it’s affirmative. I don’t know what it is. I know it’s an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it’s not the top 100 things I would have to learn about.”Emmanuel also noted that the nation states are falling apart while the "city states are emerging." This is why Chicago and other major cities have their own wage laws, some of them even have their own income taxes and many other different regulations. In times when countries like Iran and Venezuela are facing financial embargoes, cryptocurrency can be a possible way to maintain global transactions, according to Emanuel.
"Nation states are falling apart, or receding. City states are emerging, so the political structures we all grew up under are changing. One day, somebody's going to figure out - whether that's Argentina, ten years from now, five years from now - how to use cryptocurrencies to stay alive when their facing a financial crisis, and then you're going to find out that this moment has arrived," he confidently said.To sum things up, Emanuel said that he believes that "an alternative way of currency dealing with the debt markets is going to happen" at some point in the future.
The trend lines are affirmative for its future. I don't know if that's ten years, and I don't know if that's 20 years, but it's affirmative. I don't know what it is. I know it's an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it's not the top 100 things I would have to learn about," Emanuel concluded.
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