Senator’s call to abolish the Federal Reserve represents a growing sentiment among “sound money” advocates and Bitcoin maximalists.

Elon Musk appeared to support a call to end the Federal Reserve Bank in the United States after reposting a tweet from Utah Senator Mike Lee — who called for greater executive oversight over monetary policy and abolishing the central bank.

Lee argued that Federal Reserve Chair Jerome Powell’s recent assertion that he would not resign from his post, even if asked to by incoming President Donald Trump, represented an out-of-control system. Lee wrote via his social media account:

Lee’s call to abolish the Federal Reserve Banking System represents a growing sentiment among “sound money” advocates and Bitcoin BTC 4101,952 maximalists — who argue that centrally managed fiat currencies are prone to monetary inflation and currency devaluation.

Bitcoin as a hedge against currency inflation.

As the national debt in the United States tops $35 trillion, Bitcoin has been increasingly praised by lawmakers, individuals and financial institutions as a hedge against the currency inflation caused by decades of money printing from the Federal Reserve.

Jimmy Patronis, Florida’s chief financial officer and one of the officials responsible for overseeing the state’s pension funds, is pushing for the state’s pension funds to invest in BTC to protect consumer purchasing power from a depreciating US dollar.