Bitcoin Community Supports US Congressman’s Bill to Abolish Federal Reserve
The Federal Reserve is facing renewed scrutiny as US Congressman Thomas Massie from Kentucky introduces the Federal Reserve Board Abolition Act, inspired by the Bitcoin audiobook “The Bitcoin Standard.” This bill aims to remove the economic authority of the Federal Reserve and promote a more equitable financial system.
Massie had previously presented a similar bill in 2013 with minimal support, but this time around, two dozen Republicans are co-sponsoring the bill, along with backing from the online Bitcoin community. The proposal is gaining traction due to concerns about the erosion of retirement savings and the widening economic inequality caused by current Federal Reserve policies.
Meanwhile, Bitcoin’s price is experiencing fluctuations, currently trading below $67,000. Despite this, near-term predictions suggest a potential increase in value, with BTC expected to reach $76,000 in the next 5 days and $87,293 in the next 30 days.
The online Bitcoin community’s support for the bill reflects a desire for a decentralized financial structure that eliminates intermediaries. It remains to be seen whether Massie’s proposal will gain enough support to pass this time around, signaling a potential shift in the country’s economic framework.
