Benzinga - Rep. Thomas Massie's (R-Ky.) motivation to introduce a bill to abolish the Federal Reserve came from a book titled "The Bitcoin Standard."
What Happened: The Congressman made the revelation during an interview with Thomas Woods Thursday, citing the Saifedean Ammous-authored book as his inspiration.
"I’ll warn anybody who wants to listen to that book the first 80% of it is not about Bitcoin it’s about money and what is, which I think is important to understanding Federal Reserve," the Republican argued.
Massie said that he picked up some vocabulary while reading the book, which he didn't know previously, and realized "it's time" to introduce a bill to end the Federal Reserve.
Massie also stated that, contrary to expectations, he received two dozen co-sponsors for the proposed legislation.
Saifedean Ammous, the renowned economist and author of the book, reposted the video clip on X with the caption, "You’re welcome, America!"
Why It Matters: Massie introduced the controversial bill last month after an opinion poll posted by him on X garnered overwhelming support.
The Congressman stated, "Americans would be better off if the Federal Reserve did not exist. The Fed devalues our currency by monetizing the debt, causing inflation."
Massie's moves comes on the heels of his earlier alliance with Rep. Marjorie Taylor Greene (R-Ga.) in her campaign to unseat House Speaker Mike Johnson (R-La.).
Price Action: At the time of writing, Bitcoin was exchanging hands at $66,675.33, down 0.9% in the last 24 hours, according to data from Benzinga Pro.
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