Ex-Treasury Secretary Lawrence Summers has slammed Donald Trump’s idea of a Bitcoin reserve but agreed with the president-elect that “crypto has been over-regulated.”
Former United States Treasury Secretary Lawrence Summers has dismissed President-elect Donald Trump’s idea of a strategic Bitcoin reserve as “crazy” and a means to pander to his crypto campaign donors.
“Some of what is being said, this idea that we should have some kind of national Bitcoin reserve, is crazy,” Summers told Bloomberg TV on Dec. 6.
“I understand why we need a national oil reserve; I understand why a century ago we accumulated gold in Fort Knox,” he added. “Of all the prices to support, why would the government choose to support, by accumulating a sterile inventory, a bunch of Bitcoin?”
