Elon Musk recently expressed his support for the idea of abolishing the Federal Reserve after sharing a tweet from Utah Senator Mike Lee. Lee argued that the refusal of Fed Chair Jerome Powell to resign at the request of President-Elect Donald Trump demonstrates that the Federal Reserve operates beyond governmental control.
This perspective resonates with concerns among proponents of “sound money” and Bitcoin enthusiasts who believe that government-issued currencies are prone to inflation. With the U.S. national debt surpassing $35 trillion, many lawmakers and financial institutions are looking to Bitcoin as a hedge to protect asset value.
Additionally, Wyoming Senator Cynthia Lummis has introduced a bill called the “Bitcoin Strategic Reserve” to counter inflation. President-Elect Donald Trump has also hinted at considering Bitcoin as a potential tool to address the national debt in the future.