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Lawrence Summers Dubs Trump’s Bitcoin Strategy ‘Crazy'
Former U.S. Treasury Secretary Lawrence Summers dismissed Donald Trump’s idea of a strategic Bitcoin reserve as “crazy.”
Danielle du Toit
December 06, 2024
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Former Treasury Secretary Slams National Bitcoin Reserve as ‘Crazy’
Financial Times Faces Criticism Over Bitcoin Apology Amid $100K Milestone
Investors Pile a Record $432M Into Ether ETFs Amid 9 Days of Inflows
Controversial Sotheby’s VP Back with New Solana Meme Coin
Former United States Treasury Secretary Lawrence Summers dismissed Donald Trump’s idea of a strategic Bitcoin reserve as “crazy.”
During his presidential campaign, Donald Trump suggested that the U.S. government keep its seized Bitcoin holdings, totaling 198,000 BTC.
Some Trump-aligned Republicans, including Senator Cynthia Lummis, are pushing for a bill for the government to buy 1 million BTC and hold it for 20 years.
Summers criticized the idea, and questioned the rationale for establishing a national Bitcoin reserve. He also compared it to supporting a "sterile inventory" without practical value.
FT Alphaville, a daily commentary service by the Financial Times, issued a "spiteful apology" to Bitcoin supporters after BTC surpassed $100K.
Bryce Elder, city editor of FT Alphaville, wrote a piece sarcastically apologizing to readers who did not invest in Bitcoin based on the outlet's coverage. The piece also mocked the rise in Bitcoin's value with the comment, "It’s nice when your number goes up."
Elder defended the outlet's critical stance on Bitcoin, and rejected claims that its skepticism was rooted in a bias toward traditional finance (tradfi).
The crypto community reacted harshly on X, and called the article a "Cope-Pology" or "faux apology."
Over the past two weeks, spot Ether ETFs attracted more than $1.3 billion in inflows.
On Dec. 5, the nine U.S. spot Ether ETFs saw a combined inflow of $431.5 million, making it the largest daily inflow since their launch.
The ETFs have experienced net-positive daily inflows since Nov. 21, and accumulated close to $1.3 billion in the past two weeks.
The BlackRock iShares Ethereum Trust (ETHA) led the inflows with a record $295.7 million on Dec. 5, which contributed a lot to its total inflow of $2.3 billion.
Michael Bouhanna, a vice president at Sotheby’s auction house, launched a second Solana-based meme coin.
On Dec. 4, Bouhanna announced his new meme coin, Nothing (VOID), which quickly led to a trading frenzy. A mysterious trader made over $1 million in just 30 minutes.
Bouhanna previously created the Comedian (BAN) token, inspired by the viral $6-million banana artwork that was purchased by Tron’s Justin Sun. However, its launch faced allegations of insider trading.
Blockchain analytics firm Lookonchain accused Bouhanna of using insider wallets during the BAN token launch to make $1 million in profits.
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