Legislation Inspired by Bitcoin

Legislation Inspired by Bitcoin, Targets U.S. Federal Reserve

Speaking of the situation, Massie noted that the first chapters of the book are not about Bitcoin at all but pose questions about money as such. In Massie’s opinion, without recognizing such information as fundamental, it is impossible to understand what revolutionary considerations Bitcoin offers. According to the congressman, he felt the convictions of Ammous in his advocacy on the impossibility of central banking and the viability of monetary revolution that offered from deep inside of his soul and this made him to legislate against the Fed again.

U.S. Congressman Thomas Massie inspired by Bitcoin book to propose bill abolishing the Federal Reserve.

The book titled ‘The Bitcoin Standard’, authored by some individuals in 2018 claimed that ‘stopping at twenty-one million’, that is, the limited supply makes the crypto currency a superior form of money than fiat money which has a propensity of being printed at will. Ammous concluded that since the abandonment of the gold standard in 1971, many problems have surfaced, for example, reduced savings and bubbles. These are the sentiments Massie’s bill carries as it complains that the Federal Reserve policies reduce the value of savings and favor the affluent population.

First, it is important to note that the Massie’s initiative is not quite unique since he tried to submit an identical bill in 2013, while former Congressman Ron Paul, an author of the idea, launched it back in 1999. Paul’s bill attracted little support when he moved it, though Massie say the following years proved Paul correct on the issues of inflation and the growth of government power. That being said, Massie’s latest campaign has been far from unnoticed; in fact, it provided even more considerable support, namely, there are two dozen Republicans who co-sponsored the bill.

The bill has also been welcomed by the cypher community particularly those involved in the use of bitcoins. Another Twitter conversation that Massie had with Ammous was active and both claimed that the fundamental change in their perception of centralized economic management had begun with their economic education. Such support from the base emphasizes a new shift of people’s concern about conventional monetary systems and the increasing attitude toward such new generation system as Bitcoin.

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