Elon Musk Posts Senate Support to Dissolve Federal Reserve – Backs Bitcoin

Elon Musk supports the position that Mike Lee, a senator from Utah, put up. Again, that calls for more active control over monetary policy and central bank lending.

Lee is disputing a statement made by Federal Reserve Chairman Jerome Powell recently that he will not resign. Although President Donald Trump has resigned. It is considered an uncontrolled system. Lee wrote on his social media account: “The executive branch should be under the leadership of the president. That’s where the Constitution comes from. The Federal Reserve is one example among many. A case that shows how we have moved from the Constitution. This is another reason why we should end the Federal Reserve. “

Lee’s call to abolish the Federal Reserve System It shows how Bitcoin’s supporters are growing, with the group supporting the highest opinion. who argued that fiat money was centrally managed There is a tendency for inflation and currency depreciation.

Bitcoin is an inflation hedge.

At the same time, the public debt of the United States has increased to more than $35 trillion. Bitcoin is being advocated more and more by policy makers, individuals, and financial institutions. as a hedge against inflation caused by decades of continuous money printing by the Federal Reserve.

Jimmy Patronis, Florida’s chief financial officer and one of the officials responsible for overseeing the state’s pension fund, said: He is pushing the state’s pension fund to invest in BTC to protect consumer purchasing power from the depreciation of the US dollar.

Cynthia Lummis, Senator of Wyoming Presenting the July 2024 Bitcoin Strategic Reserve Bill to the Senate, Lummis specifically cited an increase in inflation and the associated loss of purchasing power as the main goal of the bill.

President Donald Trump, who will take office in January 2025, also referred to strategic bitcoin “storage” at the Bitcoin 2024 conference in Nashville, Tennessee, shortly after Trump’s Conference speech The A new president has also blocked the use of Bitcoin to pay the national debt.