Is U.S. Dollar Going to Survive after Banning Crypto?

Last Modified:12 May 2020 14:41:42
Is U.S. Dollar Going to Survive after Banning Crypto?

Former U.S. Congressman who held that position for 35 years and a Republican in Texas, Ron Paul has the experience of being a Presidential candidate in 2012 and is one of the adherents of using cryptocurrencies in the financial affairs in the U.S.

He attended this year’s Consensus conference too and believes that forbidding the application of cryptocurrencies is practically impossible; on the other hand, it can lead to the destruction of the dollar.

This opinion by Mr. Paul might root in May 9th when U.S. Congress Representative Brad Sherman asked for a Bill to outlaw purchases done by cryptocurrencies by the people of the U.S., his excuse to take such a measure is the malicious ability of cryptocurrencies to weaken the U.S.’s foreign policy, traditional legal bindings and paying the taxes, since it can destabilize the traditional economic structures.

In Mr. Paul’s opinion, as reported by Bitcoin Magazine, Sherman’s purpose is creating a deep state establishment, military people and everyone else in the banking system. On the other hand, in the elections held in 2017 and 2018, Sherman’s contributors were all from traditional financial services companies. In fact, he tries to stabilize the dollar’s status; however, Mr. Paul says that what they insist on is just the introduction for the dollar to destroy itself. Paul knows the present condition of the dollar as a ticking time bomb, and these kinds of misconceptions about it has enlarged this bubble. 

Now, what if Paul’s idea comes true? His insistencies on letting cryptocurrencies work shoulder to shoulder with the U.S. currency might be the solution; that is, they can be the golden key at the time dollar faces the challenge considering the fact that they are under some strict regulations as fiat money.

Calling for the banning bills and other similar activities can highlight this fact that the politicians on the opposite front has felt the increasing power of the cryptocurrencies and their likely dominance in the future as there are successful investors such Mobius, the co-founder of Mobius Capital partners, and high-profile retailers such as Barns & Noble, Baskin Robbins, GameStop, Nordstrom, Regal, and Whole Foods, etc. who enthusiastically work in the field of cryptocurrencies.