Rand Paul asks whether crypto could ‘become the reserve currency of the world’

Oct 25, 2021 | The Block News | 0 comments

In an interview with Axios, Senator Rand Paul got optimistic about crypto’s role in the world’s financial system.

“The government currencies are so unreliable,” said Paul. “I’ve started to question now whether or not cryptocurrency could actually become the reserve currency of the world as more and more people lose confidence in government.”

The interviewer, Mike Allen, noted that this sort of attitude made Paul “a rock star among young people” during a 2016 presidential run. Paul’s campaign was notable for accepting Bitcoin donations at the time. 

A Republican from Kentucky, Paul’s ideology has long had a libertarian streak including extensive criticism of quantitative easing. He joins a growing list of senators expressing interest in crypto, though a true shift away from the dollar as the global reserve currency is a remote possibility for the time being.

Earlier this year, El Salvador became the first country to make Bitcoin legal tender, which entailed large purchases of Bitcoin on the national balance sheet. Though that experiment remains active, some have criticized the cryptocurrency industry’s willingness to praise the country’s president, Nayib Bukele, for this bitcoin focus despite his history of authoritarian actions.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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