Ron Paul, former Republican Congressman and gold standard advocate stated that he was “surprised” to learn that more than half of his Twitter followers would invest in bitcoin rather than in gold.
Ron Paul Surprised His Followers Prefer Bitcoin to Gold
The ACCN reported that Ron Paul the libertarian conducted an informal poll for his followers that asking the question where they would invest a $10,000 gift that came with one string attached and which the investment cannot be touched for 10 years. The voters were given the options to be chosen they are U.S. dollars, gold, bitcoin, or a U.S. Treasury bond.
More than half of his followers chosen the Bitcoin from the options whereas the 36% selected the option that the long-term stability if gold. Only the 10% of his followers opted to hold the investment in cash or government bonds.
Currently, Ron Paul is the Chief Ambassador for precious metals IRA provider Goldco. He said to Kitco news that he was surprised by the answers that chose by his followers that most of them have opted bitcoin. But he has reassured one thing through this poll that they would not entrust their investment to a government-linked financial instrument.
“It was a reflection of what happened today,” Paul said, alluding to bitcoin’s cinematic ascent. “Of course, bitcoin is very exciting, and it’s booming, but [bitcoin investors] don’t have a long-term perspective. What’s it going to be like in 10 years? Nobody knows. But we have a pretty good idea of where gold will be, in a general sense.”
Actually, this is not a scientific poll and Paul has said them the investment as a gift, not money the investor had personally earned. And maybe this made the followers make a bet on a riskier asset.
And more than this the poll was posted on twitter which made the users skew younger just like cryptocurrency investors. Goldbugs, on the other hand, tend to be of an older generation that uses social media at a lower rate. Moreover, as a result, it may not be an accurate reflection of the current investment landscape but rather where it could head in coming decades.
Ron Paul Not Joining the Bitcoin Bandwagon
Although the demand put forward by his followers for bitcoin was caught Paul a bit off guard, there was one thing that not surprised him in the poll.
“I wasn’t surprised that only two percent would store away Federal Reserve notes, that was good,” reflected Paul, who has authored a book titled End the Fed.He took this result as evidence that the investors are frustrated with an inflationary monetary policy that devalues currency over time.
Even though he finds that the cryptocurrency fascinating as an experiment in competing currencies, Paul said that he will not join the bitcoin bandwagon.
“I have not been tempted at all,” he said.
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