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Former Treasury Secretary Larry Summers says Trump’s idea to create a national Bitcoin reserve is ’crazy’

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Former Treasury Secretary Larry Summers says the idea of a national Bitcoin reserve is "crazy" Trump has said the U.S. should create a national reserve of the asset to counter geopolitical rivals.

A bill would see the government purchase 1 million Bitcoins over five years .

Trump has promised to dismiss crypto-skeptical Securities and Exchange Commission Chairman Gary Gensler .