Editor's PiCK
Former US Treasury Secretary Summers: "Bitcoin as a Strategic Reserve? That's Crazy"
Summary
- Former Treasury Secretary Lawrence Summers criticized the designation of Bitcoin as a strategic reserve as crazy.
- Summers pointed out that it is unnecessary for the government to buy Bitcoin and stockpile it as income-less inventory.
- President-elect Trump announced the designation of Bitcoin as a strategic reserve, raising expectations for Bitcoin purchases by the next administration.
Former United States Secretary of the Treasury Lawrence Summers criticized the idea of designating Bitcoin (BTC) as a strategic reserve, calling it crazy.
On the 5th (local time), in an interview with Bloomberg, former Secretary Summers stated, "The idea of setting Bitcoin as a national strategic reserve is madness," adding, "There is no reason to designate Bitcoin as a strategic reserve unless it's for some campaign donors."
He continued, "Why would the government want to buy Bitcoin and stockpile it as an income-less inventory?" pointing out the need to distinguish between maintaining strategic petroleum reserves and the necessity of storing gold in Fort Knox a century ago.
In July, President-elect Donald Trump attended a Bitcoin conference and announced, "I will designate Bitcoin as the United States' strategic reserve." This has led to expectations that the incoming Trump administration will begin purchasing Bitcoin. Currently, the U.S. federal government holds about 200,000 Bitcoins.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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