{"id":19268,"date":"2024-12-06T14:09:39","date_gmt":"2024-12-06T12:09:39","guid":{"rendered":"https:\/\/forklog.com\/en\/former-us-treasury-secretary-criticizes-national-bitcoin-reserve-proposal\/"},"modified":"2024-12-06T14:09:39","modified_gmt":"2024-12-06T12:09:39","slug":"former-us-treasury-secretary-criticizes-national-bitcoin-reserve-proposal","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/former-us-treasury-secretary-criticizes-national-bitcoin-reserve-proposal\/","title":{"rendered":"Former US Treasury Secretary Criticizes National Bitcoin Reserve Proposal"},"content":{"rendered":"<p>Former US Treasury Secretary Lawrence Summers described President-elect Donald Trump&#8217;s plan to create a strategic reserve in bitcoins as &#8220;crazy.&#8221;<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Summers Calls Idea of a National Bitcoin Reserve 'Crazy'\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/YqcmON_WmjE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;I understand why we need a national oil reserve, why we accumulated gold in Fort Knox a hundred years ago. Of all the values to maintain, why does the government choose to accumulate a barren commodity in the form of a pile of bitcoins?&#8221; he stated in an interview with Bloomberg TV.<\/p>\n<\/blockquote>\n<p>In his view, the only reason for such a move is &#8220;to cater to Trump&#8217;s generous campaign sponsors&#8221; from the crypto industry.<\/p>\n<p>At the Bitcoin 2024 conference in Nashville, the politician <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-dips-to-67000-amid-trumps-bitcoin-2024-speech\">proposed the idea<\/a> that the government should not sell confiscated bitcoins. The assets should serve as the basis for a national strategic reserve. At that time, authorities controlled 213,239 BTC.\u00a0<\/p>\n<p>After Trump&#8217;s election, the initiative gained traction \u2014 Senator Cynthia Lummis introduced a bill to Congress proposing the creation of a strategic reserve of the first cryptocurrency in the country.<\/p>\n<p>Summers led the Treasury from 1999 to 2001 during Bill Clinton&#8217;s presidency.\u00a0<\/p>\n<p>Subsequently, he served on the board of directors of Jack Dorsey&#8217;s Square and was an advisor at the venture firm Andreessen Horowitz. Since 2016, the financier held the same role at Barry Silbert&#8217;s crypto company Digital Currency Group. In 2023, Summers severed ties with the firm. <a href=\"https:\/\/protos.com\/larry-summers-gives-up-advisory-role-at-crypto-firm-dcg-amid-criticism\/\">Allegedly<\/a>, this was a result of a scandal following his public comparison of the collapsed FTX exchange to the most notorious corporate fraud, Enron.<\/p>\n<p>Regarding cryptocurrencies, Summers noted in an interview the necessity of supporting financial innovations. He added that some of them, including digital assets, are likely subject to excessive regulation.<\/p>\n<p>Earlier, Trump nominated David Sacks from the &#8220;PayPal Mafia&#8221; for the position of &#8220;crypto czar.&#8221; One of the specialist&#8217;s tasks will be working on the regulatory framework for the industry.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former US Treasury Secretary Lawrence Summers described President-elect Donald Trump&#8217;s plan to create a strategic reserve in bitcoins as &#8220;crazy.&#8221; &#8220;I understand why we need a national oil reserve, why we accumulated gold in Fort Knox a hundred years ago. Of all the values to maintain, why does the government choose to accumulate a barren [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1138,26],"class_list":["post-19268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-opinions","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/19268","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=19268"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/19268\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/19267"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=19268"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=19268"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=19268"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}