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- Trump and Musk advocate for more presidential control over the Federal Reserve, with Bitcoin increasingly viewed as a hedge against inflation and national debt.
- Amid concerns over the Fed’s influence, Bitcoin is gaining traction as a potential tool for managing the U.S. economy, particularly in the context of inflation and debt management.
Following Donald Trump’s 2024 election victory, Tesla and SpaceX CEO Elon Musk openly endorsed giving the president a more hands-on role in directing Federal Reserve policy. This is in line with a recent CNF update that highlighted how, after Trump’s victory, Bitcoin’s price surged by 9.6% to a record high of $75,198, while Ethereum followed with an increase of 8%.
As of now, Bitcoin (BTC) is trading at $86,370.71, having surged by 5.51% in the past day and 25.63% in the past week.
No coins selectedIn a recent tweet, this support came as a response to Utah Senator Mike Lee’s post, which argued for the Fed to be controlled directly by the president, with Lee using the hashtag #EndtheFed. Musk’s “100” emoji response underscored his agreement, reflecting a shared desire with Trump to reduce the Fed’s independence and align its actions more closely with presidential influence.
THE END OF THE DEEP STATE: President Trump’s Plan to Dismantle the Deep State and Return Power to the American People. Here's my plan to dismantle the deep state and reclaim our democracy from Washington corruption once and for all, and corruption it is.
First, I will… pic.twitter.com/lKmWvR1wr6
— Truth Justice ™ (@SpartaJustice) November 7, 2024
Trump had previously voiced his dissatisfaction with the Fed during his first term, and in his recent campaign, he expressed interest in having more control over monetary policy.
Musk supported this position, suggesting that unelected bureaucracies like the Fed hold excessive power compared to elected officials, sparking significant discussion on the Fed’s role in economic governance.
However, the debate intensified after Fed Chair Jerome Powell stated he would not resign even if asked by President Trump, a stance that Lee and Musk criticized as overstepping constitutional authority.
Bitcoin as a Potential Economic Solution
Amid calls for Fed reform, attention is growing on Bitcoin as an inflation hedge, especially with the U.S. national debt now surpassing $35 trillion. Influential voices, including Florida CFO Jimmy Patronis and Senator Cynthia Lummis, are advocating for BTC investments to preserve purchasing power.
Trump has even suggested that Bitcoin could play a role in managing the debt, positioning it as a critical tool in potential U.S. economic strategy. As discussions on the Fed’s influence evolve, Bitcoin’s role as a hedge against inflation garners increasing interest.
