As a researcher with a background in economics and finance, I’ve witnessed firsthand the growing disillusionment of the crypto community towards centralized financial institutions, particularly central banks like the Federal Reserve. The recent poll initiated by Rep. Thomas Massie asking for opinions on abolishing the Fed reflects this sentiment.
As a researcher, I’ve come across an intriguing development in the world of US politics and cryptocurrency. Representative Thomas Massie is considering introducing a bill to dismantle the Federal Reserve, an institution that has long been a topic of debate within various communities. To gather public opinion on this matter, Rep. Massie posed a question in a recent poll on social media platform X (previously known as Twitter): “Should I introduce a bill to end the Federal Reserve?” The reactions from the crypto community have been diverse, reflecting the passionate discussions that often ensue around monetary policy and digital currencies.
At the moment the poll was conducted, approximately 88% of respondents favored discontinuing the Federal Reserve, whereas about 2% supported it. The remaining 10% chose to remain neutral and wait for the final results. This crypto community survey expresses the attitudes of its members towards central banks and their influence on the market.
Community and Legislators Stand With Crypto
Rep. Thomas Massie’s proposal to seek opinions on eliminating the Federal Reserve coincides with the crypto market expressing disappointment over central bank interventions in financial markets. While some advocate for abolishing the Federal Reserve, others recommend advancing pro-crypto legislations as an alternative solution.
Zaprite’s Parker Lewis advocated for surpassing the American principle of outperforming the Federal Reserve instead of dismantling it. This perspective was shared by others, who favored Bitcoin and cryptocurrencies over regulatory restrictions.
“You shouldn’t wait any longer, get on board with #bitcoin instead. It’s our chance to surpass the Federal Reserve without directly interfering with it. Let’s compete effectively rather than attempting to shut it down through force.”
As a researcher, I’d like to emphasize Pierre Rochard’s perspective as the VP of Research at Bitcoin Miner Riot Platforms. He believes that the market requires clear legislation on stablecoins to prevent excessive inflation of the US dollar. Moreover, he suggests that lawmakers consider making Bitcoin tax-free as a competitive strategy against the dollar. This move could potentially lead to the gradual elimination of the Federal Reserve.
1. Pass stablecoin legislation so that the private sector can hyperinflate the USD
2. Make #Bitcoin tax-free so that it competes on a level playing field against the USD
This enables a smooth self-abolition of the Federal Reserve.
— Pierre Rochard (@BitcoinPierre) May 15, 2024
The Battle of Centralization and the Federal Reserve
The beginnings of Bitcoin and blockchain tech trace back to the overbearing centralization of monetary control and finance management. In response, Bitcoin serves as a blueprint contrasting conventional intermediaries in financial deals. Furthermore, the widespread acceptance of this asset underscores a significant yearning for decentralized systems.
The crypto community outside of federal regulators has expressed disappointment over the Securities and Exchange Commission’s restrictive regulatory approaches.
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2024-05-15 22:14