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Rand Paul Suggests Backing Bitcoin With Stocks

Posted by Soulskill on from the back-it-with-waffles-instead dept.

SonicSpike writes: "In a recent interview, Senator Rand Paul said there's one thing he would change about Bitcoin: it should be backed by something with intrinsic value, like stocks. He said, 'I was looking more at it until that recent thing [sic]. And actually my theory, if I were setting it up, I'd make it exchangeable for stock. And then it'd have real value. And I'd have it pegged, and I'd have a basket of 10 big retailers I think it would work, but I think, because I'm sort of a believer in currency having value, if you're going to create a currency, have it backed up by — you know, Hayek used to talk about a basket of commodities? You could have a basket of stocks, and have some exchangeability, because it's hard for people like me who are a bit tangible. But you could have an average of stocks, I'm wondering if that's the next permutation.'"

3 of 404 comments (clear)

  1. History by recoiledsnake · · Score: 4, Funny

    Those who fail to learn history are doomed to repeat it

    --
    This space for rent.
    1. Re:History by funwithBSD · · Score: 5, Funny

      Must be, if he did not see this coming.

      --
      Never answer an anonymous letter. - Yogi Berra
  2. Breaking News: Rand Paul Invents... by jeffb+(2.718) · · Score: 5, Funny

    ...the concept of the "mutual fund".

    I can almost smell his clutch burning as he mentally shifts back and forth between "currency must be free of government intervention" and "currency must be backed by gold or silver"...