Rand Paul says crypto could become the reserve currency of the world if more people lose trust in government

The Republican senator from Kentucky cited a lack of trust in government as the reason more people may turn to cryptocurrencies.

“‘Well, I’ve started to question now whether or not cryptocurrency could actually become the reserve currency of the world as more and more people lose confidence in government.’”

The Republican from Kentucky cited a lack of trust in government as the reason more people may turn to cryptocurrency. It’s not clear whether there is a connection between Americans’ trust in government and their interest in cryptocurrency, as Paul claims, but views of local and state government are near record lows, according to a recent Gallup survey. And just 39% of people trust the federal government, according to the same survey.

As crypto trading becomes more popular, companies are trying to capitalize on rising interest — Walmart WMT, +1.19% has begun allowing shoppers to buy bitcoin at in-person kiosks, and Mastercard MA, +0.72% is set to announce bitcoin applications for banks and merchants, including wallets and bitcoin credit cards.

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