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US Congressman: “The book Il Bitcoin Standard inspired me to put an end to the FED”

A member of the US Congress, Thomas Massie, stated that he was inspired by the book “Il Bitcoin Standard” to present a bill that completely eliminates the Federal Reserve (FED). 

The US Congressman who draws inspiration from the book “The Bitcoin Standard” to eliminate the FED

Apparently, the famous book by Saifedean Ammous The Bitcoin Standard” has become an inspiration for a US Congressman. His name is Thomas Massie and he has introduced a bill to completely eliminate the Federal Reserve (FED).

“@RepThomasMassie read The Bitcoin Standard and decided to propose a law to end the Fed! You’re welcome, America!”

In practice, the law proposed by Massie aims to abolish the Board of Governors of the FED and the Federal Reserve banks. 

Not only that, at stake there would also be the repeal of the Federal Reserve Act, established in 1913 and which created the Federal Reserve System that we know today.

Already last May, the deputy Massie had declared the following:

“Gli americani soffrono di un’inflazione paralizzante e la colpa è della Federal Reserve. Durante il COVID, la Federal Reserve ha creato trilioni di dollari dal nulla e li ha prestati al Dipartimento del Tesoro per consentire una spesa in deficit senza precedenti. Monetizzando il debito, la Federal Reserve ha svalutato il dollaro e ha dato vita a politiche di free money che hanno causato l’alta inflazione che vediamo oggi.”

The US Congressman and the book “The Bitcoin Standard” to eliminate the FED

The deputy of the US Congress would then have stated that reading “Il Bitcoin Standard” inspired him to reintroduce his bill against the FED. 

Specifically, Thomas Massie explained that he listened to the book to understand the vocabulary of Bitcoin. In this sense, Massie also states that the work explains well the functioning of money and also of the Federal Reserve.

The law on the abolition of the Federal Reserve Board was first introduced by former Representative Ron Paul (R-TX) in 1999. However, Representative Massie is the first to reintroduce the law since 2013.

For the current situation, Massie comments: 

“I might be the only one, maybe I’ll have two or three co-sponsors, but I don’t care. This has to be done. I have two dozen co-sponsors. The number of co-sponsors of the bill to end the Federal Reserve in 10 years has increased tenfold, which is remarkable”.

The interview with Saifedean Ammous

Last January 2020, The Cryptonomist interviewed directly the author of the book “The Bitcoin Standard”, namely Saifedean Ammous. 

To the question about the regulation of Bitcoin by governments, even at that time Ammous was optimistic in saying that it is not possible to pass a law that changes or eliminates Bitcoin. 

In his speech, Ammous specified that governments will be able to impose rules on their citizens on how to use bitcoin, but even here the argument is not that it can hold up much given its digital nature and beyond physical barriers

The author of Il Bitcoin Standard then stated that the queen of crypto has already reached a level of growth where it is no longer possible to see it as something criminal. 

Returning to today, Ammous also shares how the sale of his famous book is going:

In the world of finance, the terms “bull” and “bear” are often used to describe market trends. A “bull” market is characterized by rising prices, while a “bear” market is marked by falling prices. Understanding these concepts is crucial for investors.

“The Bitcoin Standard has sold over 1 million copies in print, audiobook, and ebook versions, has been translated into 38 different languages, and has an 80% 5-star rating on Amazon with over 7,000 reviews: if you haven’t read it yet, this is your chance!”

Stefania Stimolo
Stefania Stimolo
Graduated in Marketing and Communication, Stefania is an explorer of innovative opportunities. She started out as a Sales Assistant for e-commerce, and in 2016 she began to develop a passion for the digital world, initially in the Network Marketing sector, where she discovered and became passionate about the ideals behind Bitcoin and Blockchain technology, which lead her to work as a copywriter and translator for ICO projects and blogs, and organize introductory courses.