Elon Musk stirred debate after sharing a post by Utah Senator Mike Lee, advocating for the abolition of the Federal Reserve. Lee's original statement emphasized the need for stronger presidential oversight on monetary policy, pointing out what he considers a deviation from constitutional design. Citing Federal Reserve Chairman Jerome Powell's insistence that he would not step down if President-Elect Donald Trump requested it, Lee described the situation as emblematic of a system out of control.

Lee argued, “The Executive Branch should be under the direction of the president. That’s how the Constitution was designed. The Federal Reserve is one of many examples of how we’ve deviated from the Constitution... Yet another reason why we should end the Fed.”

The push to dismantle the Federal Reserve is gaining momentum among Bitcoin advocates and proponents of sound money. They claim centralized fiat systems facilitate inflation and currency devaluation—problems Bitcoin aims to counteract. As U.S. national debt surpasses $35 trillion, the decentralized nature of Bitcoin is being viewed as a potential safeguard against inflation by lawmakers and institutions.

In Florida, CFO Jimmy Patronis has proposed state pension investments in Bitcoin to protect against the declining purchasing power of the U.S. dollar. Meanwhile, Wyoming Senator Cynthia Lummis introduced the Bitcoin Strategic Reserve bill, citing inflation as a driving force.

Adding to the discussion, President-Elect Donald Trump hinted at a strategic Bitcoin 'stockpile' during the 2024 Bitcoin Conference in Nashville. He suggested that Bitcoin might play a role in managing the national debt when he takes office in 2025.

These developments indicate a shifting landscape where traditional and digital financial systems are on a potential collision course.