Elon Musk backs call to end the Federal Reserve

Elon Musk has shown support for a call to abolish the Federal Reserve Bank in the United States after reposting a tweet from Utah Senator Mike Lee.

Lee’s post advocated for increased executive oversight over monetary policy and suggested ending the central bank, arguing that the current structure deviates from the U.S. Constitution.

He referenced Federal Reserve Chairman Jerome Powell’s recent declaration that he would not resign even if President-elect Donald Trump requested it, calling it indicative of an “out-of-control system.”

“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 stated.

This perspective aligns with the views of sound money advocates and Bitcoin (CRYPTO:BTC) maximalists who believe that fiat currencies managed by central banks are susceptible to inflation and currency devaluation.

The U.S. dollar has reportedly lost approximately 96% of its value since the Federal Reserve was established in 1913, amplifying these arguments.

Bitcoin, viewed as a hedge against currency inflation, has gained attention amid the U.S. national debt surpassing $35 trillion.

Florida’s chief financial officer, Jimmy Patronis, has advocated for the state’s pension funds to invest in BTC to help preserve purchasing power.

In July 2024, Wyoming Senator Cynthia Lummis introduced the Bitcoin Strategic Reserve bill, citing rising inflation as the driving factor.

President-elect Donald Trump, who will take office in January 2025, hinted at strategic Bitcoin plans during the Bitcoin 2024 conference in Nashville, mentioning the possibility of using Bitcoin to address national debt concerns.