Rand Paul Suggests Cryptocurrency Could Become “Reserve Currency of the World” As Inflation Spirals Out of Control
Kentucky Senator Rand Paul suggested that cryptocurrency could become the “reserve currency of the world” as state-backed currencies such as the United States dollar are increasingly inflated by central banks determined to print enough money to fund massive coronavirus spending packages.
Paul made the prediction in an upcoming HBO documentary, a clip of which was published on Friday.
The libertarian-leaning Republican is one of a handful of US government officials and senators to speak positively of crypto, with some legislator misunderstanding it or viewing it as a threat to the United States dollar.
Cryptocurrencies such as bitcoin are independent of any monetary policy set forth by a national government or bank, with the total units of the currency fixed and immutable. Crypto advocates have pointed to increasing inflation as a rationale for its use and adoption, with the currency having increased in value significantly during the coronavirus pandemic while traditional currencies have been inflated.
Arizona Senate candidate Blake Masters has proposed that the United States government invest in a strategic reserve of bitcoin as the dollar is subject to increasingly inflationary pressures, potentially creating the world’s first sovereign crypto fund to offset the costs of inflation.
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