{"id":323105,"date":"2024-06-14T03:30:55","date_gmt":"2024-06-13T22:00:55","guid":{"rendered":"https:\/\/dripp.zone\/news\/bitcoin-book-spurs-us-bill-to-abolish-federal-reserve-crypto-news\/"},"modified":"2024-06-14T03:32:10","modified_gmt":"2024-06-13T22:02:10","slug":"bitcoin-book-spurs-us-bill-to-abolish-federal-reserve-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-book-spurs-us-bill-to-abolish-federal-reserve-crypto-news\/","title":{"rendered":"Bitcoin Book Spurs US Bill to Abolish Federal Reserve – Crypto News"},"content":{"rendered":"

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US Congressman <\/span>Thomas Massie <\/span><\/a>from Kentucky has recently filed a bill to eliminate the Federal Reserve based on the book about Bitcoin. Inspired by the book The Bitcoin Standard by Saifedean Ammous, Massie is convinced that it is time to stand up to the current central banking system. This bill has received support from the online Bitcoin community and several Republican co-sponsors.<\/span><\/p>\n

Bitcoin Book Spurs Massie\u2019s Fed Abolition Bill<\/strong><\/h2>\n

Thomas Massie\u2019s latest bill to remove the Federal Reserve as an institution is informed by his new knowledge on money matters, which he got from listening to Saifedean Ammous\u2019s \u201cThe Bitcoin Standard\u201d audiobook. The book focuses on money and anti-central banking. Massie said that the book\u2019s first few chapters introduce the idea of money and then move on to Bitcoin. This foundational knowledge enabled Massie to identify the problems with the <\/span>Federal Reserve<\/span><\/a>\u2019s operations.<\/span><\/p>\n

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According to Massie, he found the book compelling because it described the United States repealing the gold standard in 1971 and its effects. Ammous associates the transition to fiat currency with the emergence of various economic issues, including low household savings and high asset valuation. These observations led Massie to reintroduce the \u201cFederal Reserve Board Abolition Act,\u201d echoing similar concerns about the effects of the Fed on retirement funds and the enrichment of the affluent.<\/span><\/p>\n

Massie\u2019s Anti-Fed Bill Sees Increased Support<\/strong><\/h2>\n

This is not the first time Massie has tried challenging the Federal Reserve\u2019s policies. He co-sponsored a similar bill in 2013 with the original bill introduced in 1999 by former libertarian congressman Ron Paul. However, that bill attracted little support and has only two co-sponsors. According to Massie, the economic problems that Paul predicted, including high <\/span>inflation<\/span><\/a> and overprinting of money, have come to pass, causing people to lose confidence in government institutions.<\/span><\/p>\n

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Surprisingly, Massie\u2019s 2024 bill has garnered more support, with two dozen Republican co-sponsors. This increase in backing reflects growing concerns about the Federal Reserve\u2019s economic role. Massie\u2019s assertion that retirees\u2019 savings are eroding under current policies resonates with many, and the bill\u2019s emphasis on financial stability appeals to his colleagues.<\/span><\/p>\n

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The online<\/span> Bitcoin<\/span><\/a> community has shown strong support for Massie\u2019s initiative. Massie and Ammous discussed their skepticism towards centralized economic management on social media, citing influential economics professors. This exchange highlights the ideological shift among some policymakers and economists towards decentralized financial systems like Bitcoin.<\/span><\/p>\n

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Massie\u2019s bill argues that the Federal Reserve\u2019s policies disproportionately benefit the wealthy, exacerbating economic inequality. Massie aims to address these disparities and promote a more equitable financial system by proposing the abolition of the Federal Reserve. His reliance on Bitcoin principles underscores a broader movement advocating alternative monetary frameworks.<\/span><\/p>\n

Also Read:<\/b> GameStop Server Crash Delays Shareholder Meeting Amid High Turnout<\/span><\/a><\/p>\n

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good. <\/p>\n<\/p><\/div>\n

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