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[Former U.S. Treasury Secretary Lawrence Summers Slams The Idea Of a National Bitcoin Reserve As "crazy"] Former U.S. Treasury Secretary Lawrence Summers, A Democrat, Refuted The Idea That The U.S. Government Would Set Up A Bitcoin Asset Reserve And Warned That Reducing Federal Spending According To The Plan Of "America's First Buddy" Musk Would Face Political Challenges. "Some People Say That The Idea That 'we Should Establish Some Kind Of National Bitcoin Reserve' Is Crazy," Lawrence Summers Said On A TV Show. "There Is No Reason To Do This Except To Cater To Generous Special Interest Campaign Donors." The Former Treasury Secretary Said That Although Musk's Goal Is To Save $2 Trillion In Spending, The Entire Federal Government's Salary Is Less Than That Figure. He Emphasized That Most Of The Government's Spending Is Related To National Defense And Support For Older Americans, Which Is Politically Difficult To Change
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