Cryptocurrencies
Summers Blasts US National Bitcoin Reserve Idea as ‘Crazy’
- Former Treasury chief also cautions on fiscal challenges
- Summers agrees crypto regulation might have been over-zealous
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Former US Treasury Secretary Lawrence Summers dismissed the idea of the government setting up a reserve of Bitcoin assets, and cautioned about the political challenge ahead in scaling down federal spending in the way billionaire and President-elect Donald Trump ally Elon Musk plans.
“Some of what is being said — this idea that we should have some kind of national Bitcoin reserve — is crazy,” Summers said on Bloomberg Television’s Wall Street Week with David Westin. “There’s no reason to do that other than to pander to generous special-interest campaign contributors.”