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

During an appearance on Bloomberg Television's Wall Street Week, Summers expressed doubt about the reasoning behind such a proposal, suggesting that it is merely a way to please campaign contributors with special interests. He also pointed out the political challenges associated with reducing federal spending, referring to the plans of Elon Musk, a billionaire closely aligned with President-elect Donald Trump.

Summers' comments reflect the ongoing debates surrounding the role of cryptocurrencies in government finance and the potential impact on fiscal policy.