Texas Republican Rep. Ron Paul will make a bid for the presidency in 2012, the candidate announced Friday.

"At this moment, I am officially announcing that I am a candidate for president in the Republican primary," he said on ABC's "Good Morning America."

"The time has come around to the point where the people are agreeing with much of what I've been saying for 30 years," he said. "So I think the time is right."

The outspoken libertarian made the announcement ahead of a town hall rally in Exeter, New Hampshire. The move follows weeks of robust fundraising and trips to early primary states Iowa and New Hampshire. Paul has already formed an exploratory committee and opened his first campaign office in the nation in Iowa earlier this week.

Asked how he would "define success" after running unsuccessfully in 1988 and 2008, Paul expressed confidence in his prospects. "I'd be fine by doing very well. I believe right now, we're coming in number one, and the Republican primary is an absolute possibility," he said. "Many, many times better than it was four years ago."

"Our troops, our supporters - the grassroots - are enthusiastic, more so than ever," he added. "Where I was impressed before, I'm super impressed now with the enthusiasm we're getting."