Trump's Bitcoin Reserve Plan Criticized Amid Senate Proposal
Former US Treasury Secretary Larry Summers criticized President-elect Donald Trump's proposal to establish a national Bitcoin reserve, calling it "crazy" and politically motivated. Trump argues the reserve would enhance US financial stability and counter rivals like China. Pro-crypto Senator Cynthia Lummis supports the plan, proposing the US purchase one million Bitcoin over five years. Critics, including Peter Schiff, warn of Bitcoin's volatility and potential risks to the dollar's value. Investor optimism has driven Bitcoin's price above $100,000, with Trump's crypto agenda gaining support from industry-linked Super PACs.