Ron Paul – a former United States congressman – is on the case of the federal reserve again. Paul is criticizing the federal reserve after it raised interest rates in a quarter of a point. Paul is one of the biggest fans of Bitcoin (BTC) and he is calling for the abolition of the Fed, adding that the free market should signal interest rates. Paul has been known to be an opposition to the Federal Reserve for a very long time, including a 2009 book which is titled “End The Fed.” According to a post on his Twitter page, he said that: “The Fed does not have any idea of what rates should be. The Fed distorts the economy, manipulates prices, and make decisions based only on the data of a distorted economy.
The Fourth Increase in United States Interest Rate This YearThis is the fourth time in this year that the interest rates of the United States are going up. This has also resulted in fears and worries of a potential recession. According to Paul, the Federal Reserve should be blamed for the rise in US interest rates. Back in October, Paul issued a warning that the next recession created by the Fed will come sooner rather than later. The renowned Bitcoin (BTC) fan also said that fiat currency might meet its end if such a major catastrophe occurs.
Abolishing Taxes on Digital CurrenciesWhile bashing the federal reserve, Paul has suggested a potential solution to scale through the next recession – abolishing digital currency taxes. According to Paul: “The only way crisis can be avoided it to mandate Congress to put an end to our monetary madness. The first steps are to pass the Audit of the Fed, giving people the freedom to use other currencies, and exempting all transactions in digital currencies and precious metals from capital gains taxes as well as other taxes.” Paul was initially a strong critic of Bitcoin (BTC). He was also a very strong advocate of the gold standard. However, his stance about the Bitcoin (BTC) and the digital currency space has changed. He has since become a very big fan of digital currency. He also believes that Bitcoin (BTC) and a currency backed by gold can exist alongside. Paul also had an interview with Fox News. In the interview, Paul was talking about the artificial impact of the change in the interest rate on the market. He said that the quarter percent rate increase in the interest rates will not affect the free market. However, the anticipation built into the market, as well as the fragility of the market, needs to be corrected. Although, everyone has been shying away from handling this politically. Paul concluded by saying that although he criticizes the Fed, the free markets are absolutely more powerful. Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) is gradually recovering from a sharp price slump earlier this week. The digital currency is now trading over the $4k level. Paul strongly believes in Bitcoin (BTC), and he believes that the digital currency will bounce back in the near future. At the time of writing, Bitcoin (BTC) is changing hands at $4,030 after a decrease of about 3 percent over the past twenty-four hours. Bitcoin (BTC) currently has a market cap of $69.07 billion with a trading volume of $6.29 billion over the past twenty-four hours.