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Larry Summers Rips Bitcoin Reserve Idea as ‘Crazy’

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Former Treasury Secretary Lawrence Summers “dismissed the idea of the government setting up a reserve of Bitcoin assets, and cautioned about the political challenge ahead in scaling down federal spending in the way billionaire and President-elect Donald Trump ally Elon Musk plans,” Bloomberg reports.

Said Summers: “Some of what is being said — this idea that we should have some kind of national Bitcoin reserve — is crazy. There’s no reason to do that other than to pander to generous special-interest campaign contributors.”

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About Political Wire

goddard-bw-snapshotTaegan Goddard is the founder of Political Wire, one of the earliest and most influential political web sites. He also runs Political Job Hunt, Electoral Vote Map and the Political Dictionary.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

Goddard is the owner of Goddard Media LLC.

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