TechFlow reported on December 6 that, according to Bloomberg, former U.S. Treasury Secretary Lawrence Summers rejected the idea of the government establishing a bitcoin reserve and warned that plans to reduce federal spending—such as those proposed by billionaire and President-elect Donald Trump ally Elon Musk—would face political challenges.
"The notion that's been floated—that we should have some kind of national bitcoin reserve—is crazy," Summers said. "There is no reason to do this other than to cater to generous special-interest campaign donors."
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