Kentucky Senator, Rand Paul, implied in his recent interview with Axios that cryptocurrencies have the potential to one day become a global reserve currency. The Senator supplemented this by stating that people are now losing faith in government currencies, noting that fiat currencies aren’t backed by anything and, thus, are ultimately unreliable.
According to him, as stable as the USD compared to its contemporaries, he currently sees a future where cryptos are the reserve currency of the world and not USD.
This recent remark by the US Senator has once again sparked the debate on whether cryptocurrencies, such as Bitcoin and Ether, need to be alternative payment methods or remain as an appealing form of investment. Newsweek’s poll regarding the very matter earlier this year showed that only one-third of American voters agree that cryptos should be a legal form of payment – let alone as a global reserve currency to which Paul believes the future holds for the asset class.
Nevertheless, Paul does not stand as a lone Senator optimistic towards the crypto industry. Texas Senator, Ted Cruz, argued earlier this month that the state should capitalize on its abundant energy resources to mine further Bitcoin.
As it currently stands, El Salvador is the only country in the world to have officially rendered cryptocurrencies, particularly Bitcoin, as legal tender.