Resharing Utah Senator Mike Lee’s tweet that there should be more executive control over monetary policies and the closure of the Federal Reserve Bank, Musk brought this debate to the agenda once again.

Senator Lee argues that Federal Reserve Chairman Jerome Powell’s statement that he will not leave his post even if President-elect Donald Trump requests it is an indication of a system that is out of control.

In his post on his social media account, Lee stated that the executive branch should be subject to the directives of the president and said, “The Constitution is designed this way. The Federal Reserve is one of the most obvious examples of deviation from the Constitution in this regard. “This is another reason to close the Fed,” he said.

Lee’s call for the abolition of the Federal Reserve Banking System resonates with “sound money” advocates and Bitcoin maximalists, who have been growing rapidly lately. These groups argue that centrally managed fiat currencies are susceptible to inflation and depreciation due to uncontrolled money printing.

The US national debt has exceeded $35 trillion in recent years, raising concerns that the US dollar is losing value as the government finances the debt by printing money.

At this point, Bitcoin is increasingly being defended as a hedge against inflation by some lawmakers, individuals and financial institutions, especially from the right and conservative segments. Bitcoin’s limited supply and decentralized nature make it stand out as a strong alternative to traditional fiat currencies.

Florida’s chief financial officer, Jimmy Patronis, is proposing that the state’s pension funds invest in Bitcoin, aiming to protect consumer purchasing power against the depreciation of the US dollar.

Patronis argues that Bitcoin offers a stronger hedging tool than traditional asset classes and can be a more reliable investment in the long term. The view of Bitcoin as an alternative to the monetary policies of central banks has begun to find support at many state levels in America.

In addition, Wyoming Senator Cynthia Lummis introduced a bill called “Bitcoin Strategic Reserve” to the Senate in July 2024. Lummis stated that increasing inflation and the resulting decline in purchasing power are caused by governments’ policies of unlimited money printing, and that Bitcoin can offer a solution to these problems. According to Lummis, assets with limited supply, such as Bitcoin, may be more effective in maintaining the public’s purchasing power in the face of inflationary pressures.

On the other hand, President-Elect Donald Trump, who will take office in January 2025, also gave clues about a strategic Bitcoin “stockpiling” plan at the Bitcoin 2024 conference.

At the conference held in Nashville, Tennessee, he made statements that Bitcoin could be used as a tool to reduce the national debt. Following his speech at the conference, Trump hinted at the idea of ​​using Bitcoin to pay off the national debt, increasing interest in Bitcoin.

Trump’s interest in Bitcoin is being watched carefully by the markets. Whether the new administration will adopt Bitcoin as a strategic asset and how it will use it in US financial policies could have major impacts on the cryptocurrency market.

In particular, calls to close the Fed or reduce its influence are interpreted as a harbinger of major changes in the current financial system.