Ron Paul Calls for Exempting Cryptocurrencies from Capital Gains Tax
Ron Paul, author and former U.S Representative has called for exempting all Capital Gains Tax for Precious metals and Cryptocurrencies.
U.S President Donald Trump had called the Federal Reserve “Crazy” for raising the interest rates three times this year. The FED has kept the interest rates tight despite the market corrections this year.
Ron Paul who ran for office as the Libertarian party agrees with Donald Trump on this matter. On his website, he talks about how the central banks print money out of thin air and manipulate the interest rates.
In contrast to market money, government-created fiat currency is anything but stable. Central banks constantly increase and decrease the money supply in an attempt to control the economy by controlling the interest rates. This causes individuals to misread market conditions, leading to a misallocation of resources. This can create an illusion of prosperity. But eventually, reality catches up to the Federal Reserve-created fantasies. When that happens, there is a recession or worse, leading the Fed to start the whole boom-and-bust cycle over again.
He also points out that since the creation of the FED in 1913, the Dollar has lost most of its value which is not a free market and will eventually lead to a recession sooner or later.
Ron has been a believer of Bitcoin since its early days, he has been an advocate of the Gold standard. He has even said that Bitcoin could bring back the Gold Standard.
In an article on his website, He calls for an audit of the FED and urges the government to allow people to use alternative currencies like precious metals and Cryptocurrencies by cutting off all capital gains tax.
The first steps are passing the Audit the Fed bill, allowing people to use alternative currencies, and exempting all transactions in precious metals and cryptocurrencies from capital gains taxes and other taxes.
We at Blockmanity do not believe in the Fiat money system which is centrally controlled by the FED. Isn’t it crazy that the FED has never gone through a public audit?
As the 10th Birthday of Bitcoin arrives, it is now stronger than ever. Instead of fighting the FED, Satoshi created a solution which does not ask anyone for permission or needs a central third party.
Long Bitcoin, Short the bankers!
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
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