Ron Paul Fights for Bitcoin After Fed’s Payments System Threatens Crypto


By CCN Markets: Donald Trump might be the most prominent Fed hater, but Ron Paul is the original. The crypto-loving former Senator from Texas has chosen this moment of wild volatility in financial markets to take aim at a new anti-bitcoin project nicknamed “FedNow” in development by the U.S. central bank.

Paul Fears FedNow May Crush Crypto

Ever the champion of individual liberty, it is no surprise that Ron Paul would be unnerved by Jerome Powell’s plans to extend his influence. As the current U.S. president attacks the Federal Reserve with a relentless barrage of tweets, Paul has a clear opportunity to leverage anti-Fed sentiment.

Binance Banner  

The “Campaign For Liberty” organization (of which Ron Paul is the chairman) released the following statement on the decision by Jerome Powell’s Fed to dive into the world of quick-pay:

“Consumers already have numerous options to make real-time payments, so the Federal Reserve’s decision to begin work on a central bank-run and controlled real payments system—what Competitive Enterprise Institute Senior Fellow John Berlau calls “FedNow”—is baffling.”

Can The Federal Reserve Compete With Bitcoin?

Hardcore libertarians like John McAfee or Ron Paul are smitten with the individual liberty that cryptocurrencies like bitcoin bring to the table. FedNow appears to be a defensive play by Jerome Powell and his team to play catch up with the technological advantages crypto offers. Naturally, the rest of Paul’s statement was less than glowing:

“A Federal Reserve-run, real payments system, will crowd out private alternatives, leaving consumers with one government-run option for real-time payments. This will be bad for consumers and real-time entrepreneurs but good for power-hungry Federal Reserve bureaucrats who will no doubt use FedNow to help “protect” the Federal Reserve’s fiat currency system from competition from cryptocurrencies.”

Powell Must Defend Dollar From Bitcoin

There is no doubt that that the bitcoin community believes we are getting close to the “then they fight you” stage of crypto adoption. FedNow is the perfect example of the mainstream trying to fight fire with fire by trying to safeguard existing fiat systems with technological modification.

Ron Paul to the Rescue

Jerome Powell admitted that bitcoin could be viewed as a speculative store of value earlier this year, so the timing of the project is unsurprising. Public comment is now open on FedNow, and Ron Paul is seizing the moment to fight for financial liberty and cryptocurrency. It doesn’t hurt that the Dow plummeted 800 points today either.

Coinbase Banner  

This article is protected by copyright laws and is owned by CCN Markets.

Go to Source
Author: Francois Aure


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.