Elon Musk reiterated his call to end the Federal Reserve Bank
Elon Musk appears to be backing Utah Senator Mike Lee's call to end the US Federal Reserve after retweeting calls for more executive control over monetary policy and abolishing the central bank.
Lee argued that Federal Reserve Chairman Jerome Powell's recent announcement that he would not step down despite being asked by incoming President Donald Trump was an out-of-control practice. Lee wrote on his social media account.
“The executive branch should be under the leadership of the president. This is how the constitution was framed. One of the many examples of how it deviated from the Constitution in this regard is the Federal Reserve. Another reason to end the federation.
Lee's call to abolish the Federal Reserve Bank system in the United States represents a growing sentiment among vociferous advocates and experts in Bitcoin (BTC) — centrally managed fiat currencies that are vulnerable to inflation and currency collapse.
Source: Elon Musk
Related: How the US Fed Thinks Bitcoin's Blockade Can Protect Deficit Spending
Bitcoin has a hedge against currency inflation.
As the national debt in the United States soars to more than $35 trillion, Bitcoin is increasingly admired by lawmakers, individuals and financial institutions as a counter to currency inflation caused by decades of money printing from the Federal Reserve.
Jimmy Patronis, Florida's chief financial officer and one of the officials responsible for overseeing the state's pension fund, is pushing for the state's pension fund to invest in BTC to protect consumer purchasing power from the rapidly declining US dollar.
Current US National Debt. Source: US Debt Watch
In the year In July 2024, Wyoming Senator Cynthia Lammis introduced the Bitcoin Strategic Reserve Bill in the Senate. Lummis specifically cited rising inflation and a corresponding loss in purchasing power as the main motivation for the bill.
President-elect Donald Trump, who will take office in January 2025, teased a strategic Bitcoin ‘stake' at the Bitcoin 2024 conference in Nashville, Tennessee. Shortly after Trump's keynote address at the conference, the incoming president hinted that he would use bitcoin to pay off the national debt.
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