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.
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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
$81,974.42
in the US financial strategy. In July, she presented the Bitcoin Act, proposing to establish a strategic Bitcoin reserve.
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.
Gode is a Web3 Market Analyst who researches the most important industry events and interprets how they affect the wider Web3 space. Her formal education in media culture & digital rhetoric allows her to employ a methodical approach to evaluating critical Web3 news data, including large-scale events and the wider social sentiment within the ecosystem.Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.
