Paul Says No to Digital Money

I don't know about you folks, but I am totally against going to digital currency. On January 10th, the S.E.C. approved 11 spot Bitcoin exchange funds. Even the S.E.C. chair warned that this is a highly volatile and speculative asset. It lost 20% of its value in the first month then hit $50,000 the day after the Super Bowl. These are just some of the latest happenings in the cryptocurrency era.

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Unlike commodities, which are real assets, Bitcoin is not. It has little to no history, no inherent economic value, and no cash flow. It will create havoc with any portfolio. Now the Biden administration is pushing for an all-digital currency system. No, thank you! Think of all the control and information that can be gathered on you and your finances. Everything you do will be tracked and monitored.

A capitalistic economy like ours still needs cash. I know we print it, but at least it still has value. If everything was a number, there would be no backing anymore. The government could just increase or decrease numbers at the stroke of a mouse. Spending would be endless, and the vulnerability to hackers would be unprecedented. At least hackers can't get your cash, and your deposits are at least somewhat protected. I believe inflation would go through the roof. Imagine what just military equipment would cost if all they had to do was transfer a number.
It's crazy to think of all the bad things that could come from this, including control and regulation by the government. That's the biggest threat. See ya tomorrow at 5!