"Because I’m sort of a believer in currency having value," Paul said in a separate interview, "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."
Today, at another Lincoln Labs event—this one quartered at the Chamber of Commerce offices in Washington, and titled "Reboot Congress," TechCrunch founder Michael Arrington asked Paul to expand on his view of Bitcoin.
“I'm sort of an outlier on the Bitcoin thing.”
Senator Rand Paul
"You've said it was 'pretty cool,'" said Arrington.
"You've said it was 'pretty cool,'" said Arrington.
"That was my scientific analysis," said Paul.
"My only question there is, post-apocalypse, are you gonna be a gold guy or a Bitcoin guy?" asked Arrington.
"I'm sort of an outlier on the Bitcoin thing," said Paul. "I've been fascinated by the concept of it, but I never would have purchased it myself. I'm just a little bit skeptical. I remember reading an article by Marc Andreessen—obviously, I respect him, he's a smart guy, and he's made more money than I have. He wrote about Bitcoin, and the thing that fascinated me about what he wrote was that, if you imagine something like Wal-Mart, that's got a 4 percent profit margin, and they're laying 2 or 3 points to Mastercards, that there are ways to eliminate the credit card company through Bitcoin."
Paul was referring to a few arguments that Andreessen, whose Bitcoin views verge on utopian, had been making since 2013.
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