Bitcoin

Read

Reserve

<p><strong>Key Points:</strong></p>  
<ul class="wp-block-list">
 <li><em>Former US Treasury Secretary Lawrence Summers criticized the proposal for a national Bitcoin reserve.</em></li>  
 <li><em>President-elect Trump's allies propose expanding federal Bitcoin holdings to reduce national debt, with plans for potential revaluation of gold assets to fund purchases.</em></li> 
</ul>  
<h5 class="wp-block-heading">Former US Treasury Secretary Lawrence Summers lambasted the idea of the government creating a national Bitcoin reserve, referring to it as an unworkable and political concept.</h5>  
<figure class="wp-block-image aligncenter size-large"><a href="https://coincu.com/wp-content/uploads/2024/12/On-Black-65-1.jpg" rel="noopener noreferrer nofollow"><img src="https://coincu.com/wp-content/uploads/2024/12/On-Black-65-1-1024x576.jpg" alt="Former US Treasury Secretary Criticizes Trump's 5-Year Bitcoin Reserve Plan" class="wp-image-295582"></a>
 <figcaption class="wp-element-caption">
 </figcaption>
</figure>  
<p class="has-background" style="background-color:#222222">Read more: <a href="https://coincu.com/292402-gary-gensler-resignation-likely-before-trump/" target="_blank" rel="noopener noreferrer nofollow"></a><a href="https://coincu.com/295166-microstrategy-bitcoin-investment-yields/" rel="noopener noreferrer nofollow"></a><a href="https://coincu.com/294040-donald-trump-administration-increase-cftc-power/" rel="noopener noreferrer nofollow"></a><a href="https://coincu.com/264997-tether-strategic-transition-eos-and-algorand/" rel="noopener noreferrer nofollow"></a><a href="https://coincu.com/294500-ripple-stablecoin-rlusd-set-to-launch-december/" rel="noopener noreferrer nofollow"></a><a href="https://coincu.com/293272-strategic-bitcoin-reserve-driven/" rel="noopener noreferrer nofollow"></a><a href="https://coincu.com/wp-admin/post.php?post=293272&amp;action=edit" rel="noopener noreferrer nofollow">Strategic Bitcoin Reserve Driven by 5-Year Commitment to Buy BTC</a></p>  
<h2 class="wp-block-heading" id="former-us-treasury-secretary-discounts-national-bitcoin-reserve">Former US Treasury Secretary Discounts National Bitcoin Reserve</h2>  
<p>Speaking on Bloomberg Television's Wall Street Week, the former US Treasury Secretary <a href="https://www.bloomberg.com/news/articles/2024-12-05/summers-blasts-us-national-bitcoin-reserve-idea-as-crazy" target="_blank" rel="noopener noreferrer nofollow">said</a>:</p>  
<blockquote class="wp-block-quote">
 <p>“Some of what is being said — this idea that we should have some kind of national Bitcoin reserve — is crazy.”</p> 
</blockquote>  
<p>Summers' comments come amid proposals by allies of President-elect Donald Trump, including the idea of <a href="https://coincu.com/291759-bitcoin-reserve-strategy-expected-to-be-approved/" target="_blank" rel="noopener noreferrer nofollow">expanding federal holdings of Bitcoin</a>, which are estimated at 200,000 tokens, acquired originally through asset seizures.</p>  
<p>Proponents argue that the Treasury could use Bitcoin's expected appreciation to retire the national debt while decentralizing storage and revaluing gold certificates to finance additional purchases.</p>  
<p>While giving kudos to the potential of financial innovation, Summers did draw a line. "Crypto has been over-regulated by over-zealous regulators," he said, emphasizing the need for balanced oversight.</p>  
<p>The former US Treasury Secretary is also in doubt over the rationality of government intervention to support Bitcoin. According to him, it is not like maintaining an oil reserve or holding gold.</p>  
<blockquote class="wp-block-quote">
 <p>“Why would the government choose to support, by accumulating a sterile inventory, a bunch of Bitcoin?"</p> 
</blockquote>  
<h2 class="wp-block-heading" id="bitcoin-surges-beyond-104k-amid-pro-crypto-policies">Bitcoin Surges Beyond $104K Amid Pro-Crypto Policies</h2>  
<p>Separately, Summers also voiced scepticism over proposals to cut federal spending by $2 trillion, which was suggested by <a href="https://coincu.com/292349-elon-musk-lawsuit-over-dogecoin-manipulation/" target="_blank" rel="noopener noreferrer nofollow">Elon Musk</a>, who is due to co-chair the Department of Government Efficiency advisory panel. He noted that the entire federal payroll comes in under that figure, and that would be quite an endeavour.</p>  
<p>Meanwhile, Bitcoin continued its astral rise, crossing 104,000$ amidst optimism. According to analysts, this price increase can be explained by Trump's being a crypto-friendly president and good old post-halving dynamics.</p>  
<p>The reserve proposal further vitalized the crypto sphere, with many predicting the possible surge in institutional attractiveness for Bitcoin, hence accelerating its rate of growth.</p>  
<figure class="wp-block-table">
 <table class="has-luminous-vivid-orange-color has-text-color has-link-color has-fixed-layout">
  <tbody>
   <tr>
    <td><em><strong>DISCLAIMER</strong>:&nbsp;The information on<a href="https://coincu.com/" rel="noopener noreferrer nofollow"> this website</a> is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</em></td>
   </tr>
  </tbody>
 </table>
</figure>  <a href="https://coincu.com/?p=295566" rel="noopener noreferrer nofollow">Read original article on coincu.com</a>

Former US Treasury Secretary Criticizes Trump's 5-Year Bitcoin Reserve Plan

Table of Contents

Coincu

Other articles published on Dec 6, 2024

Has a Massive Bubble Formed in Bitcoin? Analyst Evaluates the Possibility and Gives His Answer

MicroStrategy Acquires Additional $1.5B Bitcoin, Expands Holdings to 402,100

Bitcoin Price Prediction: As Lawrence Summers Calls Trump’s Bitcoin Reserve Plan ”Crazy,” This Ne...

SEC Chair Gary Gensler to Resign Amid Crypto Crackdown

HIO Music Team Shares Its Vision for Decentralized Streaming, Launches 2nd Launchpad Raise on Fjo...

Four Blockchain Projects Join Forces to Deliver Internet and Finance via Satellite Infrastructure...

Join our free newsletter for daily crypto updates!