Elon Musk, known for his influence on both tech and finance, showed his support for ending the Federal Reserve by sharing a post from Utah Senator Mike Lee. Lee, a longtime critic of the Fed, called for greater presidential oversight of the central bank and proposed abolishing it entirely.
Senator Mike Lee argued that Federal Reserve Chair Jerome Powell’s recent refusal to step down if requested by President-Elect Donald Trump represents an unchecked system that deviates from the constitutional structure. Lee’s post stated, “The Executive Branch should be under the direction of the president… Yet another reason why we should end the Fed.” Musk’s endorsement of Lee’s message has sparked renewed discussions about the Fed’s role in the economy, particularly among Bitcoin supporters and sound money advocates who criticize centralized fiat currency for its susceptibility to inflation.
This discussion gained momentum in November 2024, following Donald Trump’s victory in the U.S. presidential election. As Trump prepares to take office in January 2025, debate around the Fed’s role in economic stability and inflation control has intensified, with public figures like Musk adding fuel to the conversation.
The discourse has largely taken place on social media, where influential figures like Musk and Lee are engaging with a growing audience concerned about the future of U.S. monetary policy. This debate has spread across the U.S. political and financial landscape, highlighting differing views on the central bank’s influence.
With the U.S. national debt surpassing $35 trillion, critics argue that decades of Federal Reserve-driven money printing have eroded the dollar’s value. Many see Bitcoin as a viable hedge against inflation, pushing for digital assets to play a role in preserving purchasing power. Florida CFO Jimmy Patronis recently proposed including Bitcoin in the state’s pension fund investments, while Wyoming Senator Cynthia Lummis introduced a bill to establish a national Bitcoin reserve to combat inflation.
President-Elect Trump has hinted at incorporating Bitcoin into national policy, even suggesting at the Bitcoin 2024 conference that Bitcoin might help reduce the national debt. This potential shift, combined with growing political and public support for Bitcoin as a hedge against inflation, could lead to a more favorable regulatory environment for digital assets and a re-evaluation of the Federal Reserve’s role in U.S. monetary policy.
