Former U.S. Congressman Ron Paul: Federal government’s quantitative easing stimulates crypto-currency growth

nRunaway Comment: The continued growth of the cryptocurrency market has sparked controversy from all parties. Recently, former U.S. lawmaker Ron Paul said in an interview that this phenomenon has something to do with U.S. monetary policy. He believes that the government’s quantitative easing policy has intensified the price of cryptocurrencies to a certain extent. Since he is a cryptocurrency supporter himself, he also appealed to the U.S. government to conduct more relaxed and friendly oversight of the related activities.n
nTranslation: Inan
Former U.S. Congressman Ron Paul said on December 20 that he believes the monetary policy of the U.S. government has helped to push up the price of cryptocurrencies such as bitcoin.n
In an interview with CNBC on the same day, he told CNBC: “I think cryptocurrencies reflect the catastrophe in the U.S. dollar currency system.” Paul pointed out that the over-credit problems created during QE are at least partly responsible for price increases in cryptocurrencies. Quantitative easing mainly refers to the central bank to buy government bonds and other financial assets to encourage lending and expand the market.n
He also said:n
n”I think cryptocurrencies can still exist without quantitative easing and a lot of inflation, but I do not think there will be such a bubble of sustained growth.”n
nIt does not seem surprising that Paul, a former presidential candidate, used to be a supporter of cryptocurrencies.n
Paul said in October that while he believes Bitcoin is not a real currency, he believes the U.S. government should limit the regulation of activities involving the technology.n
He told TheStreet at the time:n
n”If people want to use it, then the government should not step in.”n
nEarlier this month, the former MP started an online survey on Twitter that “what would you choose for a period of time for bitcoin, gold and dollars worth $ 10,000?” , More than half of the respondents chose Bitcoin.n

Leave a Reply

Your email address will not be published. Required fields are marked *