Bitcoin Could Become Global Reserve Currency, Says Senator Rand Paul
Bitcoin could reach that place as people continue to lose faith and trust in governments and their policies, Paul said.
- As people lose faith in government institutions, bitcoin could benefit and become the world’s reserve currency, Senator Rand Paul said.
- “I started to wonder if cryptocurrency could really become the world’s reserve currency as more and more people lose faith in government,” he said.
- Senator Paul has never publicly endorsed a cryptocurrency other than Bitcoin.
Bitcoin could become the world’s reserve currency if more people lose faith in government, said Senator Rand Paul, who accepted donations from BTC during his 2016 campaign. The Republican Senator was interviewed on Axes, discussing the future of bitcoin and fiat currency in the United States
“Government currencies are so unreliable – they are also fiat currencies. They are not backed by anything, ”said Senator Paul.
A Gallup survey released on September 30 underscored how low Americans’ confidence in government remains. The survey found that overall trust in the federal government to handle international issues stands at an all-time high of 39%, while trust in the judiciary is at 54%, down 13 points since 2020. La US citizens’ trust in their state (57%) and local governments (66%) continue to be higher than trust in the federal government.
As people continue to lose confidence in their government’s ability to handle problems and best represent their interests, Bitcoin and cryptocurrencies should benefit and be adopted even more, Senator Paul said.
“I started to wonder if cryptocurrency could really become the world’s reserve currency as more and more people lose faith in government,” he said.
The senator has previously touted cryptocurrency. During his presidential campaign in 2016, in addition to donations in US dollars, Paul donations accepted in bitcoin.
Although the Republican Senator did not specify which cryptocurrency he was referring to in the interview, he did not publicly endorse any cryptocurrency other than BTC, indicating that he was probably referring to bitcoin itself. Which should come as no surprise, given that BTC is the only cryptocurrency suitable to function as a currency.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.