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Bitcoin [BTC] and crypto-ban highly unlikely as US Dollar will self-destruct, says Ron Paul

Biraajmaan Tamuly

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Bitcoin [BTC] and crypto band highly unlikely as US dollar will self-destruct, says Ron Paul
Source: Pixabay

The debate regarding the prominence of Bitcoin [BTC] and it potentially overtaking the US Dollar in the future has become heated recently, with various personalities in the ecosystem giving their thoughts on the coin’s dominance.

Ron Paul, a former US Congressman, is one of them and created waves after he recently sat down with Bitcoin Magazine and stated that the end of the US Dollar was inevitable.

During the interview, Paul mentioned that he did not particularly understand the technical aspect of a blockchain, but was highly “fascinated” by Bitcoin, it’s market volatility and wild unpredictable price surges.

Paul stated,

“I’m interested in what happens when the market crashes and I are interested in preserving an environment where people can have alternative ideas that might help solve the problems we have. I think that’s what bitcoin offers: an alternative. I want a free marketplace.”

When questioned about Congressman Sherman’s comments abut a ban on cryptos, Ron Paul replied that he did not have the “clout,” because he was over the top. Ron added that he felt a ban on crypto was highly unlikely.

He further said,

“He’s speaking for the deep state establishment, military people and everyone else in the banking system. He’s representing their position that “You don’t mess with the dollar.” But I don’t worry about that because the dollar is going to self-destruct.”

Ron Paul also weighed in with respect to Grayscale’s Drop gold campaign, remarking that “they were missing the whole point”. He emphasized on the point that if people started utilizing Bitcoin during a crisis, they would still use gold and not entirely dump it all.

Finally, Ron Paul added that the general consensus towards the use of Bitcoin had generally grown with time, as people gained more confidence in the digital asset. He stated that it was important that the number of Bitcoin [BTC] buyers remain consistent in the market.





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin

Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit

Namrata Shukla

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Source: Pixabay

Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.

The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.

Source: Trading view

Source: Trading view

The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,

“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”

Source: Twitter

Source: Twitter

The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.





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