Elon Musk has reignited discussions about the future of the US monetary system.
He reposted Senator Mike Lee's tweet, criticizing Federal Reserve Chair Jerome Powell for saying he would not step down even if requested by President Donald Trump.
Lee argued that the president should have authority over the Executive Branch, as intended by the Constitution. He pointed to the Federal Reserve as one of several instances where this constitutional framework has been disregarded, calling to abolish the Fed.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What Are Crypto Rollups? ZKSnarks vs Optimistic Rollups (ANIMATED)
The movement to end the Federal Reserve is based on the argument that centralized fiat currencies, managed by central authorities, are prone to inflation and devaluation due to monetary policies that lead to excessive money printing.
Senator Cynthia Lummis has highlighted rising inflation and the consequent loss of purchasing power as key reasons for considering Bitcoin
Florida's Chief Financial Officer, Jimmy Patronis, is advocating for the inclusion of Bitcoin in the state's retirement fund investments. He says that this would serve as a secure hedge against volatility in other major asset classes.
Overall, the support for ending the Federal Reserve reflects a broader movement toward decentralized financial systems as more people question the sustainability of existing monetary practices.
