24/7 Cryptocurrency News

Bitcoin Book Spurs US Bill to Abolish Federal Reserve

Inspired by "The Bitcoin Standard" audiobook, Congressman Thomas Massie proposes a bill to eliminate the Federal Reserve in 2024.
Published by
Bitcoin Book Spurs US Bill to Abolish Federal Reserve

Highlights

  • U.S. Congressman Thomas Massie has filed a bill to eliminate the Federal Reserve, inspired by a Bitcoin-focused book.
  • Massie was influenced by "The Bitcoin Standard" by Saifedean Ammous, criticizing central banking.
  • The bill has gained support from the online Bitcoin community and several Republican co-sponsors.

US Congressman Thomas Massie from Kentucky has recently filed a bill to eliminate the Federal Reserve based on the book about Bitcoin. Inspired by the book The Bitcoin Standard by Saifedean Ammous, Massie is convinced that it is time to stand up to the current central banking system. This bill has received support from the online Bitcoin community and several Republican co-sponsors.

Advertisement

Bitcoin Book Spurs Massie’s Fed Abolition Bill

Thomas Massie’s latest bill to remove the Federal Reserve as an institution is informed by his new knowledge on money matters, which he got from listening to Saifedean Ammous’s “The Bitcoin Standard” audiobook. The book focuses on money and anti-central banking. Massie said that the book’s first few chapters introduce the idea of money and then move on to Bitcoin. This foundational knowledge enabled Massie to identify the problems with the Federal Reserve’s operations.

According to Massie, he found the book compelling because it described the United States repealing the gold standard in 1971 and its effects. Ammous associates the transition to fiat currency with the emergence of various economic issues, including low household savings and high asset valuation. These observations led Massie to reintroduce the “Federal Reserve Board Abolition Act,” echoing similar concerns about the effects of the Fed on retirement funds and the enrichment of the affluent.

Advertisement

Massie’s Anti-Fed Bill Sees Increased Support

This is not the first time Massie has tried challenging the Federal Reserve’s policies. He co-sponsored a similar bill in 2013 with the original bill introduced in 1999 by former libertarian congressman Ron Paul. However, that bill attracted little support and has only two co-sponsors. According to Massie, the economic problems that Paul predicted, including high inflation and overprinting of money, have come to pass, causing people to lose confidence in government institutions.

Surprisingly, Massie’s 2024 bill has garnered more support, with two dozen Republican co-sponsors. This increase in backing reflects growing concerns about the Federal Reserve’s economic role. Massie’s assertion that retirees’ savings are eroding under current policies resonates with many, and the bill’s emphasis on financial stability appeals to his colleagues.

The online Bitcoin community has shown strong support for Massie’s initiative. Massie and Ammous discussed their skepticism towards centralized economic management on social media, citing influential economics professors. This exchange highlights the ideological shift among some policymakers and economists towards decentralized financial systems like Bitcoin.

Massie’s bill argues that the Federal Reserve’s policies disproportionately benefit the wealthy, exacerbating economic inequality. Massie aims to address these disparities and promote a more equitable financial system by proposing the abolition of the Federal Reserve. His reliance on Bitcoin principles underscores a broader movement advocating alternative monetary frameworks.

Also Read: GameStop Server Crash Delays Shareholder Meeting Amid High Turnout

Advertisement

Share
Maxwell Mutuma

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Pump.fun Rival Zora Rallies Over 30% Following Robinhood Listing

Zora, Coinbase-based creator economy platform, has been listed on Robinhood. This also highlights its increased…

October 9, 2025
  • 24/7 Cryptocurrency News

Peter Brandt Lists XRP Among Shorts Amid Crypto Market Crash

Veteran trader Peter Brandt has doubled down on his bearish XRP prediction. This time, he…

October 9, 2025
  • 24/7 Cryptocurrency News

Fed’s John Williams Backs More Rate Cuts This Year Amid Labor Market Concerns

New York Fed President John Williams has shown his support for additional Fed rate cuts…

October 9, 2025
  • Bitcoin News

Bitcoin Edges Higher as Fed Chair Jerome Powell Fails to Comment on Monetary Policy

The Bitcoin price is up today, after a significant drop in the last 24 hours.…

October 9, 2025
  • 24/7 Cryptocurrency News

Flare Network Surpasses $43M in Bridged XRP, Expert Predicts Breakout to New ATH

Flare Network has recorded over $43 million worth of XRP now bridged onto its blockchain.…

October 9, 2025
  • Bitcoin News

Bitcoin, Ethereum Drag Broader Crypto Market Lower Ahead of FED Powell Speech

Bitcoin and Ethereum are dragging lower amid massive volatility ahead of Fed Chair Jerome Powell's…

October 9, 2025