Elon Musk Backs Senator’s Call to Abolish Federal Reserve Amid Rising Support for Bitcoin as Inflation Hedge 🤩
Elon #Musk recently supported Utah Senator Mike Lee’s call to end the Federal Reserve, echoing a growing sentiment among those critical of centralized monetary policy. Lee criticized the Fed’s independence from executive control, citing Federal Reserve Chairman Jerome Powell’s statement on remaining in office despite a presidential request to resign. Critics argue that the Federal Reserve’s actions contribute to inflation and currency #devaluation , with the U.S. dollar losing 96% of its value since the Fed’s inception in 1913.
As #inflation rises and national debt exceeds $35 trillion, Bitcoin is gaining traction as a hedge against currency devaluation. Lawmakers, including Wyoming Senator Cynthia Lummis, are pushing for legislation to incorporate Bitcoin in national financial strategy, while President-Elect Donald Trump has hinted at leveraging Bitcoin to address the national debt.
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