Elon Musk seems believes that the US central bank must come to an end. The CEO of Tesla and SpaceX will probably play an important role in Donald Trump’s administration, so that could lead to interesting situations.
Elon Musk wants to close down the US central bank
Utah Senator Mike Lee wrote on Twitter that there should be more supervision of monetary policy and would even like to put an end to the US central bank.
According to Lee, recent statements by US Federal Reserve Chairman Jerome Powell that he would not resign if President Donald Trump asked to do so are an example of a system that has become completely out of control.
“The executive part of the government should be under the direction of the president. That’s how the Constitution was designed. The US central bank is one of many examples of how we have deviated from the Constitution. Another reason why we need to end the US Federal Reserve,” Lee said.
Elon Musk responded wittily to Lee’s messages by quoting the message and then adding “100” as a comment; indicating that he completely agrees with Lee.
Bitcoin as a hedge against inflation
As the U.S. national debt has soared past $35 trillion, Bitcoin is being hailed by more and more lawmakers, individuals and financial institutions as a hedge against inflation caused by decades of money printing by the U.S. central bank.
Jimmy Patronis, Florida’s Chief Financial Officer, is one of the officials in charge of the state’s pension funds. He is now pushing the state pensions to consider Bitcoin as part of the portfolio.
The American national debt in focus. Source: US Debt Clock
In July 2024, Wyoming Senator Cynthia Lummis introduced the Bitcoin Strategic Reserve bill in the Senate. Lummis specifically discussed rising inflation and the corresponding loss in purchasing power as the main reason for introducing the law.
Donald Trump, who will be sworn in as the new President of the United States in January 2025, also indicated during the Bitcoin 2024 conference in Nashville, Tennessee, that he wants to introduce a national Bitcoin reserve.
He would see Bitcoin as an opportunity to pay off the United States’ national debt.
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Elon Musk Wants to Shut Down the US Central Bank—Well, That’ll Be Interesting!
Ah, Elon Musk. The man, the myth, the meme lord! He’s now wading into some deep waters, claiming that the U.S. central bank should be packed up and sent on its way. You know, if we can send rockets to Mars, why not send the Federal Reserve packing? It’s not like we need a stable economy, right?
Now, to stir the pot, Utah Senator Mike Lee has jumped onto the bandwagon of questionable monetary policies. He’s suggesting that not only should there be more supervision over monetary policy—because, obviously, we trust politicians to do that—but he also believes it’s high time we bid farewell to the U.S. central bank. Thanks a lot, Mike! Just what we need—more “guidance” from the folks who brought us the great toilet paper shortage of 2020.
Can You Imagine? A World Without the Fed!
Here’s Mike Lee again, channeling his inner founding father, proclaiming that the executive branch should be under the president’s thumb. The U.S. central bank? Just one of many “deviations” from the Constitution. I mean, sure, we’ve got a whole bunch of loopholes, but how about introspection, Mike? Maybe we should close the loophole on just ‘winging it’ in governance?
Elon Musk, taking a break from his regular schedule of launching rockets and trenching with Twitter trolls, jumped into the conversation with his usual flair—a simple “100” in response to Lee’s bold claim. Because that’s what we need—a billionaire agreeing with another billionaire about ignoring institutions designed to stabilize our economy. Can’t wait for the next celebrity endorsement: “Invest in chaos!”
Bitcoin: The New Darling of Financial Wizards
And on to Bitcoin! With the national debt soaring like a SpaceX rocket, our lawmakers are suddenly interested in digital currencies. Bitcoin is being touted as a hedge against inflation. Jimmy Patronis, Florida’s Chief Financial Officer, wants to consider Bitcoin for state pensions. Because why think about stability when you can gamble on cryptocurrency? Let’s just win the lottery with our retirement funds, shall we?
Then there’s Wyoming Senator Cynthia Lummis, bringing forth the Bitcoin Strategic Reserve bill. Apparently, inflation losses are a real thing—who knew? Lummis wants to use Bitcoin as the safety net for America’s financial future. It’s like a drunk uncle coming to the family party and saying he’s got a foolproof plan to bring back the family fortune. “Trust me, it’ll be great!” Thanks, Uncle Sam.
Donald Trump: The Bitcoin President? Really?
As if this couldn’t get weirder, Donald Trump is jumping on the Bitcoin bandwagon! During his visit to the Bitcoin 2024 conference, he hinted at introducing a national Bitcoin reserve. Is he just trying to pay off the national debt with digital coins? Chase away the debt with a little ‘HODL’? I can picture it now—Trump trading crypto while shouting, “You’re fired!” to the old monetary system.
Climbing on the Bitcoin Train: Everybody Else Is Doing It!
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Conclusion: What Does This All Mean?
In the end, we’re in for some rocky financial terrain. With Elon Musk advocating against the Fed, Bitcoin soaring as the ‘solution,’ and Trump revisiting economic policies from the digital edge, one can only wonder where we’ll land. Inflation, bankruptcy, or a fancy new cryptocurrency apocalypse? Buckle up—this fiscal rollercoaster is just getting started!
In a surprising turn of events, tech mogul Elon Musk has expressed his belief that the United States central bank, known as the Federal Reserve, should be abolished. As the influential CEO of both Tesla and SpaceX, Musk’s potential involvement in Donald Trump’s upcoming administration could create a wave of intriguing political dynamics.
Elon Musk wants to close down the US central bank
Echoing these sentiments, Utah Senator Mike Lee took to Twitter to advocate for increased oversight of monetary policy, going as far as suggesting the termination of the U.S. central bank itself. He referenced the alarming notion that Federal Reserve Chairman Jerome Powell would resist resignation if requested by President Trump, citing this as a troubling sign of a system spiraling out of control.
“The executive part of the government should be under the direction of the president. That’s how the Constitution was designed. The US central bank is one of many examples of how we have deviated from the Constitution. Another reason why we need to end the US Federal Reserve,” Lee stated emphatically.
In a succinct show of solidarity, Elon Musk responded to Lee’s assertions by quoting the senator’s tweet and succinctly adding “100,” a clear indication of his agreement.
Bitcoin as a hedge against inflation
As the U.S. national debt has soared past $35 trillion, Bitcoin is being hailed by more and more lawmakers, individuals, and financial institutions as a hedge against inflation caused by decades of money printing by the U.S. central bank. This growing trend reflects a shift in the financial landscape as more stakeholders recognize the potential of cryptocurrency.
In a proactive move, Florida’s Chief Financial Officer, Jimmy Patronis, is advocating for the state pension funds to incorporate Bitcoin into their investment portfolios, signaling a major endorsement of digital currency amidst economic uncertainty.
In July 2024, Wyoming Senator Cynthia Lummis introduced the Bitcoin Strategic Reserve bill in the Senate. Lummis specifically discussed rising inflation and the corresponding loss in purchasing power as the main reason for introducing the law. This legislative proposal reflects ongoing concerns regarding fiscal policy and the need for alternative financial strategies.
Donald Trump, who is set to be inaugurated as the new President of the United States in January 2025, recently revealed his aspirations for a national Bitcoin reserve during the Bitcoin 2024 conference in Nashville, Tennessee. He emphasized that Bitcoin could serve as a viable solution for alleviating the national debt, further highlighting the cryptocurrency’s growing significance in mainstream economic discussions.
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To celebrate the price increase, the Dutch crypto exchange Bitvavo is offering an exclusive promotion in collaboration with Newsbit: all new customers temporarily receive €25 free when they create an account via the button below and deposit €20.
Claim your €25 free and create an account with Bitvavo
Don’t miss this opportunity to benefit directly from Bitcoin’s growing popularity!
Vocating for the inclusion of Bitcoin in the state’s pension portfolio. With pensions often thought of as a stable investment, the suggestion to incorporate Bitcoin reflects a significant shift in thinking about risk and reward in the financial markets.
Meanwhile, in July 2024, Wyoming Senator Cynthia Lummis introduced the Bitcoin Strategic Reserve bill in the Senate. Highlighting concerns over rising inflation, she argued that Bitcoin could provide a safeguard against the depreciation of traditional currencies. This legislative endeavor underscores the growing recognition among lawmakers of Bitcoin’s potential role in stabilizing finances in an uncertain economic climate.
Former President Donald Trump has also expressed interest in Bitcoin, indicating his desire to establish a national reserve of the cryptocurrency as a means to tackle the burgeoning national debt. At the Bitcoin 2024 conference, he suggested that a well-planned Bitcoin strategy could help manage the financial challenges facing the U.S. economy.
Conclusion: A Shifting Financial Paradigm
The increasing attention toward Bitcoin as a hedge against inflation is a testament to the evolving dialogue around traditional and digital currencies. As influential figures from various political and financial arenas endorse cryptocurrency, the landscape of investment strategies is changing dramatically. Whether this popularity will translate to long-term stability remains to be seen, but it is evident that Bitcoin is climbing to a prominent place in the contemporary economic narrative.
As discussions continue, stakeholders will need to weigh the risks and rewards of including Bitcoin in their financial strategies, navigating this new territory can be both exhilarating and perilous. Keep an eye on how these trends evolve—who knows where this will lead us?
