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Dec. 18, 2025 - Ron Paul Liberty Report
03:11
Ron’s Economic Update Bitcoin on the Rise

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Time Text
Is Bitcoin Money? 00:03:08
Hello, everybody, and welcome to this update on our monetary system, which seems to be in a great deal of trouble.
A few years back, when I was still in Congress, Bernecki was before our committee, and I asked him the shortest question I asked the whole time I was in Congress.
And I asked Bernecki, is gold money?
And it drew a long pause.
Then an answer, a clear-cut answer came from him.
He says no.
And of course, I challenge that belief, you know, with an expression that gold has been money for a long time.
It'll probably remain this way.
Because the gold is money, and gold was understood, and the monetary system was understood.
You know, in Aristotle's time, Aristotle talked about sound money, and he said it had to have three things.
It had to have a unit of account to know what you're calling money.
You had to have a means of exchange that people would use it, and it would have to serve as a store of value.
And that idea, those three things have lasted even up till today, even though the challenge is coming.
And now the question is, is Bitcoin money?
Is crypto money?
And a lot of people say so.
Other people are challenging it.
And I think it's still out for grabs, you know, to make the decision.
I think the market is testing it, whether it's going to be used as money, because certainly there's a lot of technology that is involved here that might be used for something else.
But to call it money is a major step in figuring out what to do.
The thing that I did in Congress when I thought about these issues is I introduced a bill for competing currencies.
Let the people use what they want.
So that's what would happen in a libertarian society, or if we were trying to follow the Constitution.
But if you have competing currencies, you can't tax the money.
We don't tax dollars if we use them.
And you shouldn't be able to tax it either.
And you could not commit any fraud.
Those would be the rules, but that's a tough road to hoe because there's such a temptation to be involved in that.
The effort is, I think, right now is to establish sound money and people are looking for it.
But I want to talk about the most important thing that I see in my thinking about money because I obviously lean strongly to precious metals and things of this sort.
And the one key question that people should ask, what is the non-monetary utility of the money?
Like, what can gold be used for if it's not money?
There's a lot of things.
What about silver?
A lot of things.
And that's a question that should be answered by the market.
I think it will.
You don't have to preach that.
Eventually, the market will find out that that's what you need in order to establish a sound monetary system.
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