In an interview with Axios, Senator Rand Paul was optimistic about the role of crypto in the global financial system.
“Government currencies are so unreliable,” said Paul. “I started to wonder whether or not cryptocurrency could become the world’s reserve currency as more and more people lose faith in government.”
Interviewer Mike Allen noted that this kind of attitude made Paul “a rock star among the young” in a 2016 presidential race. Paul’s campaign was notable for accepting donations from Bitcoin to the time.
A Kentucky Republican, Paul’s ideology has long had a libertarian streak, including many criticisms of quantitative easing. He joins a growing list of senators expressing interest in crypto, although a real move away from the dollar as the world’s reserve currency is a remote possibility at this time.
Earlier this year, El Salvador became the first country to make Bitcoin legal tender, which resulted in large purchases of Bitcoin on the national balance sheet. While this experiment remains active, some have criticized the cryptocurrency industry’s willingness to congratulate the country’s president, Nayib Bukele, for this focus on bitcoin despite his history of authoritarian action.