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Submission + - Senator Rand Paul Suggests Backing Bitcoin With Stocks (businessinsider.com)

SonicSpike writes: While he likes it in principle, Paul said there's one thing he would change about it to align it more with those values: have it backed by something of value, in this case, he proposes, stocks.

Here's the full quote:

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."

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Senator Rand Paul Suggests Backing Bitcoin With Stocks

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