Trump’s Bitcoin Reserve Proposal Sparks Strong Opposition

Donald Trump’s suggestion to establish a national Bitcoin reserve has generated strong reactions, particularly from former Treasury Secretary Larry Summers, who criticized the idea as unrealistic and driven by political motives.

Speaking on Bloomberg TV, Summers, who previously managed the U.S. gold reserves under Bill Clinton, dismissed the concept as “crazy,” emphasizing that unlike gold or oil, Bitcoin lacks tangible uses or strategic importance.

Summers also questioned the rationale behind the proposal, suggesting that it was more about appeasing donors within the cryptocurrency industry than serving any national interest. He described Bitcoin as an “unproductive inventory” with no clear purpose for a national reserve.

The proposal was first floated by Trump at a Bitcoin conference in July, where he outlined plans to counter global competitors like China by establishing a Bitcoin reserve.

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Russian Lawmaker Proposes National Bitcoin Reserve to Combat Sanctions

Crypto-supportive Senator Cynthia Lummis has since backed the idea, proposing a bill that would have the U.S. government acquire one million Bitcoins over five years, a move that would cost roughly $100 billion at current prices. Advocates for the reserve believe it could help reduce the national debt and offer a new way to bolster the dollar, though critics remain unconvinced about its practicality.

Alexander Zdravkov

Alexander has been working in the crypto industry for three years, during which time he has established himself through his active participation in monitoring market dynamics and technological innovations. His interest in cryptocurrencies and new technologies is not just a professional commitment, but a deep personal passion. He follows the news in the sector daily, analyzes trends, and is excited about every new step in the development of blockchain solutions. His enthusiasm drives him to continuously learn and share knowledge, as he sees the future in digital finance and its role in global transformation.