Ron 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 Powell’s Fed to dive into the world of quick-pay:
“Consumers already have numerous options to make real-time payments, so the Federal Reserve’s 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 Paul’s statement was less than glowing:
“A Federal Reserve-run, real payments system,