LAWRENCE SUMMERS CALLS BITCOIN RESERVE "CRAZY":

Lawrence Summers, the former US Treasury Secretary, has labeled the idea of a national Bitcoin reserve as "crazy".

He believes that accumulating Bitcoin would be impractical and lacks historical and practical significance, unlike reserves of commodities like oil and gold.

Summers thinks that the concept is driven by political interests, aiming to please crypto-friendly donors rather than providing any real economic benefits.

He also questions the logic behind holding a "sterile asset" like Bitcoin, which he believes has no intrinsic value.

The proposal for a national Bitcoin reserve has been met with mixed reactions. Some, like Senator Cynthia Lummis, argue that it could stabilize the economy and provide a hedge against inflation. However, others, like the World Bank, warn that cryptocurrencies are not suitable for central banks due to their volatility and lack of stability.