On Tuesday, Congressman Ron Paul (R – TX) announced that he wants Bitcoin to be taxed as a currency, which is supported by the libertarian party.
The tax on bitcoin and other cryptocurrencies is a central issue in the current debate over how the U.S. government should deal with digital currency. The most basic argument that cryptocurrency advocates make is that digital currency is not like a fiat currency, like the dollar or the euro, and therefore should not be taxed as one. However, this position is not only wrong, but it also ignores the fundamental differences between the two forms of money.
In the recent years, the value of Bitcoin has skyrocketed, making it a very valuable and sought-after cryptocurrency. Because of this, the IRS has been getting into the cryptocurrency game, with the IRS having already released some guidance on how to treat Bitcoin.
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Former congressman Ron Ernest Paul, a libertarian conservative from the United States, thinks bitcoin should be authorized as a fiat currency. Paul is an author from the United States who is a big supporter of the legalization of bitcoin and other digital currencies. His enthusiasm for bitcoin earned him the moniker “Bitcoin Bull.” Paul is a firm believer that the crypto market will, without a doubt, be the future for people.
As a Bitcoin bull, Ron Paul
Former presidential candidate Paul was fortunate enough to get his first Bitcoin (BTC) from Bobby Lee, the creator of ballet crypto. Lee stated on November 2nd that he had given him a gold-plated bitcoin wallet on behalf of his business. Paul adored the present since it had a unique serial number AA000820, which coincided with his birthday.
A remark made by Paul was recorded during the Bitcoin 2021 Miami conference on June 3. He said that his goal is to “assist in the legalization of competition.” Economic liberty must be granted to the people. During the conference, Paul put his ideas on gold and bitcoin into action. He claims that when individuals purchase or sell gold, they must pay taxes.
Bitcoin, in Paul’s opinion, is money. As a result, money cannot be taxed, and bitcoin earnings will not be taxed. Moreover, he said,
You can’t tax money, therefore you don’t. You can’t take a loss because your dollar lost worth if you purchased it a year ago and it went down 10%.”
As a consequence, Ron Paul believes that bitcoin should be taxed in the same way that fiat currencies are. Furthermore, he strongly urges the federal government of the United States to legalize bitcoins and other digital currencies so that people may enjoy their economic liberty.
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