Bitcoin has recently surged past $100,000, sparking discussions about a strategic Bitcoin reserve, similar to the U.S. Strategic Petroleum Reserve. Proposed in the Bitcoin Act of 2024, this reserve aims to bolster the U.S. economy and stabilize the national debt, potentially creating significant wealth for the Treasury. The concept gained traction at a Bitcoin conference ...
Former U.S. Treasury Secretary Lawrence Summers criticized the idea of a national Bitcoin reserve, calling it “crazy” during an interview on Bloomberg Television. This comes amid rising Bitcoin prices, partially fueled by President-elect Donald Trump’s plan for a crypto-friendly administration that may include a federal Bitcoin stockpile to address national debt and boost the economy. ...
Peter Schiff, a prominent economist, recently suggested that President Joe Biden should sell all U.S.-owned Bitcoin before leaving office. He believes this move could significantly reduce the nation’s budget deficit, which is increasing rapidly. In his message, Schiff described it as the “one good thing” Biden could do and mentioned that selling the Bitcoin would ...
El Salvador is in talks with the International Monetary Fund (IMF) to secure a $1.3 billion loan that may lead to significant changes in its Bitcoin law, which made the cryptocurrency legal tender in 2021. While this loan could help stabilize the economy and unlock additional funding, it may also require the country to make ...
