{"id":144381,"date":"2024-12-10T13:00:00","date_gmt":"2024-12-10T11:00:00","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=144381"},"modified":"2024-12-10T01:57:07","modified_gmt":"2024-12-09T23:57:07","slug":"trumps-bitcoin-reserve-proposal-sparks-strong-opposition","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/trumps-bitcoin-reserve-proposal-sparks-strong-opposition\/","title":{"rendered":"Trump&#8217;s Bitcoin Reserve Proposal Sparks Strong Opposition"},"content":{"rendered":"<p>Speaking on Bloomberg TV, Summers, who previously managed the U.S. gold reserves under Bill Clinton, <strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-12-05\/summers-blasts-us-national-bitcoin-reserve-idea-as-crazy\">dismissed<\/a> <\/strong>the concept as \u201ccrazy,\u201d emphasizing that unlike gold or oil, <strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/bitcoin\/\">Bitcoin<\/a> <\/strong>lacks tangible uses or strategic importance.<\/p>\n<p>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 \u201cunproductive inventory\u201d with no clear purpose for a national reserve.<\/p>\n<p>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.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/russian-lawmaker-proposes-national-bitcoin-reserve-to-combat-sanctions\/\" title=\"Russian Lawmaker Proposes National Bitcoin Reserve to Combat Sanctions\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/russian-flag-240x170.jpeg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Russian Lawmaker Proposes National Bitcoin Reserve to Combat Sanctions<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Donald Trump\u2019s 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.<\/p>\n","protected":false},"author":9,"featured_media":112967,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[27],"tags":[],"class_list":["post-144381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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