Bitcoin backs Congressman’s bill to abolish the Federal Reserve

The Federal Reserve is under the radar – this time it has been ignited by Toman Massie, a US Congressman from Kentucky. He has presented the Federal Reserve Board Abolition Act to remove its economic authority. The move is inspired by a Bitcoin audiobook titled The Bitcoin Standard. Authored by Saifedean Ammous, it first briefly introduces the concept of money and then transitions into details about Bitcoin.

This is not the first time that such a bill has been brought by a US Congressman. Massie himself has presented it before in 2013. The support at that time was minimal; however, the strength has risen this time with two dozen Republicans co-sponsoring the bill this time. The online Bitcoin community has also backed it.

One of the factors that is resonating with many people is the erosion of retirement savings. It is believed that the current policies are not precisely favorable to those who are saving for their retirement. Moreover, it is believed that the policies of the Federal Reserve are heavily benefiting those with excess wealth – thereby, widening the economic inequality in the country. Massie is proposing the bill to promote a more equitable financial system that lacks disparities in every possible form.

All and all, the basic idea is to get rid of the centralized banking system and develop an alternative economic framework that suits everyone.

Bitcoin has not yet been updated to reflect this change. The token is still moving downward, down 0.93% over the past 24 hours. As of the time this story is written, it is trading below $67,000 at $66,959.82. It also shows a decrease of 5.78% over the previous seven days and an increase of 8.08% over the previous thirty days.

The near-term predictions are unaffected as well. BTC is likely to breach the mark of $76,000 in the next 5 days and attain a value of $87,293 in the next 30 days. The monthly growth will go on to mark an uptick of 30.07% from the current value.

BTC is riding the bear with a volatility of 2.33% and 74 points on the Fear & Greed Index. The 14-day RSI is around 45.47. The 50-day SMA and 200-day SMA are $65,842 and $55,617, applicable in the same order. Bearish sentiments have sent the signal that this may not be a good time to buy BTC.

The online Bitcoin community coming out in support of the bill to abolish the Federal Reserve demonstrates that the community remains firm when it comes to promoting a decentralized financial structure. The principle is to make the mechanism more accessible and eliminate intermediaries or third parties from the system.

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Moving forward, it remains to be seen if the proposal by Thomas Massie goes through with increased support in comparison to the previous time when it was introduced.

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