Elon Musk appeared to endorse a call to end the Federal Reserve after sharing a tweet from Utah Senator Mike Lee, who advocated for more executive oversight of U.S. monetary policy and abolishing the central bank.
Lee argued that Federal Reserve Chair Jerome Powell’s recent statement—that he would not resign, even if requested by incoming President Donald Trump—showed a system beyond executive control. Lee wrote:
“The Executive Branch should be under the direction of the president. That’s how the Constitution was designed. The Federal Reserve is one of many examples of how we’ve deviated from the Constitution, in that regard. Yet another reason why we should end the Fed.”
Lee’s stance on ending the Federal Reserve reflects a growing sentiment among “sound money” advocates and Bitcoin maximalists, who believe that centrally managed fiat currencies are vulnerable to inflation and devaluation.
As the U.S. national debt surpasses $35 trillion, Bitcoin is gaining support among lawmakers, individuals, and financial institutions as a hedge against inflation. Florida’s chief financial officer, Jimmy Patronis, who oversees the state’s pension funds, is promoting Bitcoin investments to safeguard consumer purchasing power against the declining value of the U.S. dollar.
In July 2024, Wyoming Senator Cynthia Lummis introduced the Bitcoin Strategic Reserve bill in the Senate. Lummis cited rising inflation and the subsequent loss in purchasing power as the main motivation for the bill.
President-Elect Donald Trump, who will take office in January 2025, has also hinted at a strategic Bitcoin “stockpile.” Speaking at the Bitcoin 2024 conference in Nashville, Trump suggested he might consider using Bitcoin as a way to address the national debt.
