Billionaire tech entrepreneur Elon Musk has floated the notion of abolishing the Federal Reserve System that issues US currency, a long-sought goal of freedom-minded, fiscally conservative Americans.

The Tesla owner shared his sentiments on X in response to libertarian stalwart Ron Paul, who commented on a video of Musk outlining plans to eliminate $2 trillion from the federal debt as Donald Trump's prospective head of a government efficiency bureau during his weekend appearance at Madison Square Garden.

"Elon cutting $2 Trillion from budget? Great idea! Start with some of the BIGGEST welfare recipients: Military-industrial complex, Pharmaceutical-industrial complex," the former Texas congressman suggested on Monday, adding, "Oh…and End the Fed!"

Replying to Paul, Musk wrote, "Needs to be done."

Musk's response to Paul sent shockwaves throughout social media, with many excited the country might finally break free from the bankers' shackles of perpetual debt, as the private institution continually collects interest on US currency it prints into existence.