Bitcoin Forum

Eminent U.S. Politician, Ron Paul, Suggests Gold and Crypto Could Replace Dollar

Ron Paul, the former US presidential candidate, is considering with continued attention the potential hope that a combination of cryptocurrencies and gold could ultimately substitute the U.S. dollar sooner or later.

Paul greatly admits that the plan to substitute fiat currencies is already in the process. He said:

"There are several major efforts being made to replace the fiat dollar with gold or cryptocurrencies, while other countries are making plans to challenge the dollars as the world's reserve currency."

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/ron-paul-suggests-gold-and-crypto-replace-dollar/

https://coinidol.com/upload/resize_cache/iblock/07d/900_900_1/07d9bb6bb042aeec102e960a7b55cd29.jpg

Combination of gold and crypto?Is this guy suggesting something like Tether,but backed by gold?
I don`t like that idea.The bad money will replace good money in the process of trading goods and services,so bad money(US dollar) eventually wins.Unfortunately,nowadays all the currencies are inflation friendly and unstable.A stable currency just won`t survive,it will turn into a safe heaven type of asset.

It seems to me that the cryptocurrency can not replace the dollar. First of all, it is an unstable asset and I doubt that serious financiers and governments will take such risks. Secondly, the mining of crypto-currencies is not controlled by anyone and this can threaten serious financial problems. It seems to me that gold is a more convenient alternative but it exists now. Is there a problem?

Gold lost 18% for last seven years, what's a point with gold?

I really feel good when I hear news that the big men are trying to suggest crypto as having a future potential. People really listen to them and so when they suggest us to people the adoption widens even further. That's a good one from him.

Gold is a decentralized way of storing wealth and conducting large scale transactions. It's also seen as a safe haven, even though it doesn't always behave as such. It's Bitcoin but without its convenience and physical form. Negative aspect of gold is that we don't know how much of this precious metal is in circulation and will ever be in circulation. We only know the value of all the gold in the world, but that concerns gold from which we know it exists. I'm totally not surprised if there is double that amount hidden somewhere by governments. Bitcoin's transparency prevents any type of supply and circulation cheating.

Exactly, I believe in Bitcoin but don't share old school admiration for gold for the reasons you've written.

it's funny watching old gold bugs trying to ride on bitcoin's coattails. they should drop their shiny rocks and go full crypto. :P


to be fair, you're ignoring the preceding mega-rally where gold rose ~665% from 1999-2011. it's not exactly bitcoin-level volatility, but it's nothing to sneeze at. by your logic, we should have declared bitcoin dead back in 2015 after the 2-year bear market. ;)