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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Ron Paul: The U.S. Dollar Is In a Bubble, Bitcoin An Alternative

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read

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Former US presidential candidate and congressman Ron Paul is a regular critic of the United States Federal Reserve and of the country’s economic policy. In the past, the libertarian politician has spoken out in support of cryptocurrencies, suggesting that making the digital assets exempt from taxation could help avoid a “Fed-created recession.”

In a new interview, Paul further elaborates on how the Federal Reserve has created a bubble with the US dollar that is on the brink of a major crash, and how Bitcoin might be a suitable alternative that can alleviate the risks that government-back currencies pose to the greater global economy.

The US Dollar Will Self Destruct

Ron Paul and his Libertarian party’s belief system aligns well with the ideals that helped fuel the creation of cryptocurrencies like Bitcoin. Libertarianism emphasizes freedom of choice, autonomy, and a dose of healthy skepticism when it comes to government authority and power – or its abuse thereof.

That skepticism extends to the Federal Reserve, the central bank of the United States that Paul says is digging the country into a disaster at an ever-increasing rate.

Related Reading | Ron Paul Advocates for Cryptocurrencies to be Tax-Free While Criticizing US Fed

Paul claims in a new interview with Yahoo Finance that the US dollar is in a “bubble” and is expecting an impending financial crisis that will dwarf the 2008 great recession by comparison. The outspoken politician says that “trust” in the US dollar and the United States government has caused the bubble to “get bigger.”

A wealthy person gifts you $10,000. You get to choose in which form you’ll accept the gift. But there’s a catch: You must keep the gift in the form that you choose for 10 years without touching it. In which form would you accept the gift?

— Ron Paul (@RonPaul) November 15, 2018

He compares the fiat currency to a ticking time bomb that is ready to “self destruct.”

Bitcoin is the Alternative

As for what could replace the US dollar, Paul speculates that Bitcoin could be “an alternative” to government-backed fiat currencies like the dollar. The dollar by design is inflationary, losing its value each time the Federal Reserve prints more money.

Whereas Bitcoin, which was designed in the wake of the 2008 economic crisis, is deflationary and due to each “halving” the supply of Bitcoin is diminished further. The sudden imbalance of supply and demand further drives up the price of the first ever digital asset.

Related Reading | Ron Paul Poll: 50% in Favor of Bitcoin as Long-Term Investment

Paul has even offered his supporters Bitcoin as an alternative to donating fiat in support of Paul and his son Rand’s political efforts. Rand Paul became the first ever presidential candidate to accept Bitcoin donations through his political foundation back in 2015.

Those Bitcoins that the Paul’s have had donated to them aren’t held, however. Paul says he owns no Bitcoin currently, and that all donations get immediately converted into fiat currencies in order to pay “bills.” But once bills can be paid in Bitcoin, maybe then the risk and global impact of impending collapse in the face the US dollar will finally be reduced.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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