US Congressman Thomas Massey (R-Kentucky) made waves with Bitcoiners last month after he introduced a bill to defund the Federal Reserve. As it turns out, that bill was inspired by a popular book about Bitcoin that described the evils of central banking.
While discussing the bill with author Tom Woods on Thursday's podcast, Massey said he “learned some things” after listening to the Bitcoin Standard audiobook by Sepedean Amos – concluding that it was “past time” to bring back legislation to end the Fed.
“The first 80% is not about Bitcoin, it's about money, about ‘what is money?' “You have to put that before you define what Bitcoin is because you can't assume that everyone knows what money is.”
A 2018 book proposed that Bitcoin could become the world's dominant currency due to its superior monetary properties—specifically, its 21 million coin supply. Amos describes the series of social problems that have occurred in the United States in recent decades. It links the abandonment of the gold standard in 1971 to declining household savings and inflated housing and property prices.
Massey's “Federal Reserve Board Retirement Act” touched on many of the same points, declaring that “as retirees evaporate their savings,” Fed policy “benefits the rich and connected.”
March In 2013, he sponsored a bill of the same name, which was originally introduced by former Libertarian Congressman Ron Paul in 1999.
Although this bill received little support from two co-sponsors eleven years ago, Massey has since realized all of Ron Paul's predictions: hyperinflation, trillions of dollars printed, and a “loss of trust” in government institutions.
Surprisingly, Massey said, the 2024 bill received two dozen sponsors, all Republicans.
The online Bitcoin community has given Massie their unwavering support. On Thursday, Massey began an exchange with Amos on Twitter, citing economics professors about how they oppose centralized economic management.
Edited by Ryan Ozawa.
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