Summers critiques Bitcoin reserve: Larry Summers, former US Treasury Secretary, strongly criticizes Donald Trump’s proposal for a national Bitcoin reserve. He calls it ‘crazy’ and impractical compared to traditional gold reserves, which have tangible strategic significance.
Political motivation behind proposal: Summers suggests Trump’s initiative is driven by political motives to appease crypto donors. Supporting this plan, Senator Cynthia Lummis proposes that the U.S. Government acquire 1 million Bitcoins, costing 100 billion USD over five years.
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