Ron Paul Fights for Bitcoin After Fed's Payments System Threatens Crypto

ron paulRon Paul is leveraging anti-Fed sentiment to try and protect cryptocurrencies from a new government real-time payment system called FedNow. | Source: Kirkpatrick/Getty Images/AFP

By CCN Markets: Donald Trump might be the most prominent Fed hater, but Ron Paul is the original. The crypto-loving former Senator from Texas has chosen this moment of wild volatility in financial markets to take aim at a new anti-bitcoin project nicknamed FedNow in development by the U.S. central bank.

Paul Fears FedNow May Crush Crypto

Ever the champion of individual liberty, it is no surprise that Ron Paul would be unnerved by Jerome Powell's plans to extend his influence. As the current U.S. president attacks the Federal Reserve with a relentless barrage of tweets, Paul has a clear opportunity to leverage anti-Fed sentiment.

The Campaign For Liberty organization (of which Ron Paul is the chairman) released the following statement on the decision by Jerome Powells Fed to dive into the world of quick-pay:

Consumers already have numerous options to make real-time payments, so the Federal Reserves decision to begin work on a central bank-run and controlled real payments system—what Competitive Enterprise Institute Senior Fellow John Berlau calls FedNow—is baffling.

Can The Federal Reserve Compete With Bitcoin?

Hardcore libertarians like John McAfee or Ron Paul are smitten with the individual liberty that cryptocurrencies like bitcoin bring to the table. FedNow appears to be a defensive play by Jerome Powell and his team to play catch up with the technological advantages crypto offers. Naturally, the rest of Pauls statement was less than glowing:

A Federal Reserve-run, real payments system, will crowd out private alternatives, leaving consumers with one government-run option for real-time payments. This will be bad for consumers and real-time entrepreneurs but good for power-hungry Federal Reserve bureaucrats who will no doubt use FedNow to help protect the Federal Reserves fiat currency system from competition from cryptocurrencies.

Powell Must Defend Dollar From Bitcoin

Achievement unlocked! I dreamt about a sitting U.S. president needing to respond to growing cryptocurrency usage years ago. "First they ignore you, then they laugh at you, then they fight you, then you win. We just made it to step 3 y'all. https://t.co/N3tzUKELaK

— Brian Armstrong (@brian_armstrong) July 12, 2019

There is no doubt that that the bitcoin community believes we are getting close to the then they fight you stage of crypto adoption. FedNo ...

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Tags: Ron Paul, Federal Reserve System, Bitcoin, Payment system, Jerome Powell, System, Payment, Cryptocurrency, Donald Trump, CCN Markets