US Congressman Cites Bitcoin in Bill to Abolish FED

The “Bitcoin Standard” book explores the history of money. It advocates Bitcoin as a strong alternative to fiat currencies and central banks.

Massie explained that reading “The Bitcoin Standard” was a pivotal moment that shaped his understanding of monetary policy.

“The Bitcoin Standard” Sparks Legislative Action

It highlighted the inherent flaws of the current fiat system overseen by the Federal Reserve. The book argues that Bitcoin’s decentralized nature offers a more secure, transparent, and immutable form of currency. It is free from the manipulations and inefficiencies often associated with central banks.

Massie’s bill proposes a plan to dismantle the Federal Reserve System (FED). The FED has been the central banking authority in the United States since its establishment in 1913. The Federal Reserve’s primary functions include regulating the money supply and stabilizing the financial system. It also provides financial services to depository institutions, the U.S. government, and foreign official institutions.

Critics like Massie argue that the Fed’s control over monetary policy leads to economic distortions, inflation, and a lack of accountability.

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“The Bitcoin Standard” emphasizes the benefits of a decentralized financial system where money cannot be arbitrarily created or manipulated by a central authority. It suggests that Bitcoin, with its fixed supply and transparent ledger, can prevent the inflationary pressures that devalue fiat currencies over time. Massie resonates with these ideas, believing that transitioning to a Bitcoin standard could restore financial stability and integrity.

More About Abolishing the FED

One year ago, Dennis Porter, CEO and Co-Founder of the Satoshi Act Fund, led a group of Bitcoin advocates from the Orange Pill organization to the U.S. Congress. During their visit, they distributed copies of “The Bitcoin Standard” to every congressional office in Washington, D.C.

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Among the recipients was Congressman Thomas Massie, who later cited the book as a significant influence on his decision to introduce a bill aimed at dismantling the Federal Reserve.

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