Potential Impact on Bitcoin (BTC) as US Representative Considers Bill to Dissolve Federal Reserve

  • US lawmaker, Rep Thomas Massie, has proposed a bill to abolish the Federal Reserve, sparking diverse reactions from the crypto community.
  • A poll conducted by Massie revealed that 88% of participants are in favor of ending the Federal Reserve.
  • Crypto users are advocating for pro-Bitcoin and crypto legislations instead of abolishing the Federal Reserve.

US lawmaker Rep Thomas Massie mulls a bill to end the Federal Reserve, sparking diverse reactions from the crypto community. The move has led to calls for pro-Bitcoin and crypto legislations.

Rep Thomas Massie Proposes Bill to Abolish Federal Reserve

US lawmaker Rep Thomas Massie recently conducted a poll on social media platform X (formerly Twitter), asking if he should introduce a bill to abolish the Federal Reserve. At the time of the poll, 88% of participants voted in favor of ending the Federal Reserve, while only 2% supported the Federal Reserve. The remaining 10% of voters opted to see the result of the poll. This poll reflects the views of crypto enthusiasts on central banks and their stance towards the market.

Community and Legislators Stand With Crypto

The move by Rep Thomas Massie seeking opinions to abolish the Federal Reserve comes as the crypto market laments the actions of central banks on the markets. Although many users voted to abolish the Federal Reserve, several analysts opined for pro-crypto legislation to be pushed instead. Zaprite’s Parker Lewis strewed on the American principle proffering to outcompete the Federal Reserve rather than shutting it down. This was also echoed by others as they tipped Bitcoin and crypto regulations.

The Battle of Centralization and the Federal Reserve

The origin of Bitcoin and blockchain technology has its roots in the excessive centralization of monetary policy and finance. As a result, Bitcoin stands as a model against traditional intermediaries in financial transactions. The asset adoption also restates the strong desire to embrace decentralization. Aside from the Feds, the crypto community has lamented the Securities and Exchange Commission’s bottleneck regulatory policies.

Conclusion

While the idea of abolishing the Federal Reserve has gained traction among some crypto enthusiasts, the majority of the community is advocating for pro-Bitcoin and crypto legislations. The battle between centralization and the Federal Reserve continues, with Bitcoin and blockchain technology standing as models against traditional intermediaries in financial transactions.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Türkiye’s Bitcoin (BTC) and Cryptocurrency Bill Passes Commission: What’s Next?

Türkiye'nin kripto para tasarısı TBMM'de Komisyon'dan geçti. ...

QCP Capital Highlights Ethereum (ETH) as Superior to Bitcoin (BTC) in Latest Analysis

The cryptocurrency trading firm QCP Capital recently...

GammaSwap (GAM) Partners with Puffer Finance (PUFF) to Revolutionize User Experience in Crypto Trading

GammaSwap, a decentralized finance (DeFi) platform, has announced a...
spot_imgspot_imgspot_imgspot_img

PRO Analysis

FTSE 100 Index Analysis: Key Insights for May 30, 2024 – Market Trends and Projections

Cryptocurrency markets have been experiencing...

AI Predicts 2024 End-of-Year Surge for XRP and SHIB Coins: Expert Analysis Inside!

The crypto markets have been a rollercoaster...

Crypto Market Daily: BTC, ETH, NOT, AR, XRM Price Analysis and Trends

Cryptocurrency markets witnessed significant volatility today, with...
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Analyst Predicts Surprising Gains for These 3 Altcoins in June: Ethereum (ETH), Cardano (ADA), and Solana (SOL)

In recent weeks, the cryptocurrency market has seen a significant uptick in trading activities. The U.S. SEC's approval of spot Ethereum...

Türkiye’s Bitcoin (BTC) and Cryptocurrency Bill Passes Commission: What’s Next?

Türkiye'nin kripto para tasarısı TBMM'de Komisyon'dan geçti. Yasa tasarısı önümüzdeki haftalarda Genel Kurul’da görüşülecek. Ak Parti Grup Başkanı Abdullah Güler,...

QCP Capital Highlights Ethereum (ETH) as Superior to Bitcoin (BTC) in Latest Analysis

The cryptocurrency trading firm QCP Capital recently discussed the current state of the crypto market. In their latest report dated May...