CandleFocus Former US Treasury Secretary calls the national Bitcoin reserve ‘crazy’
2024-12-06
Author: Content Editor
Former US Treasury Secretary Lawrence Summers has criticized President-elect Donald Trump's proposal to establish a strategic Bitcoin reserve, referring to it as "crazy" and a way to please campaign contributors. The US government has already seized over 200,000 Bitcoin during criminal investigations, but some legislators, like Senator Cynthia Lummis, want to expand this. States like Pennsylvania are also considering Bitcoin investments, which could set a precedent for federal action. Summers argued that there is no reason for the government to accumulate Bitcoin other than catering to special-interest contributors. However, he did agree with the view that cryptocurrencies have been over-regulated. The BTC Reserve initiative aims to eliminate the US national debt, which exceeds $36 trillion. While some experts anticipate that establishing a US BTC reserve could significantly increase the price of Bitcoin, there are concerns about its volatility and potential government control.
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