Bitcoin [BTC] and other alternative currencies should be exempted from all taxes says former Presidential candidate

The exchange of comments between the Federal Reserve Bank and the President regarding the hike in the interest rates and have been going on for a while now.

Most of the people have opposed the recent increase in the interest rates by Feds and their plan to increase it two times in the upcoming year. Ron Paul is among the people who are against the decisions by the Feds. He voiced his concern on Twitter with his book titled “End the Fed”.

A former critic of Bitcoin has come around and now supports it and is now promoting alternative currencies like cryptocurrencies and said that it could help people when the next recession hits the U.S.

Ron Paul said in a tweet:

The Fed has NO IDEA what rates should be. The Fed manipulates prices, distorts the economy, and makes decisions by looking at the “data” of a distorted economy. Central planning produces a world of economic delusions. America needs to get back to reality. End The Fed!

Apart from the above, he even conducted a hypothetical poll where he asked his users what form gift worth $10,000 they would accept if they had to hold it for 10 years.

An approximate of 100,000 people put in their opinion, and 50% of the people voted to be gifted in Bitcoin, which is a revelation on its own.

Furthermore, Paul also asked taxes to be exempted on precious metals as well. According to him, this will help mitigate or in the best-case scenario, it would fend-off the Fed-induced recession.

He stated:

“The only way to avoid crisis is to force Congress to end our monetary madness. 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.”

Rust Parker commented:

“Where the heck did, “ These United States of America”, go? Americans con by globalization and governmental control practices, don’t stop with feds, get rid off all our corrupt agencies CIA, DNI, FBI and especially MILITARY COMPLEX”

With the induction of Token Taxonomy Act, some Congressmen are trying to make way for new and advanced technologies like cryptocurrencies.

The aforementioned bill is yet to be passed, it aims at defining “digital assets” and changes the 72-year old definition of “securities”. If the bill is successfully passed, it would help and even propel the upcoming technology of digital assets/cryptocurrencies.

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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.


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