Larry Summers criticized Donald Trump's proposed plan to create a U.S. bitcoin reserve, calling it "crazy" and suggesting it would only serve special interest campaign donors. This comes in response to Trump's campaign statement about stockpiling bitcoin as a strategic asset and Senator Cynthia Loomis's Bitcoin Strategic Asset Act, which would require purchasing 200,000 bitcoins annually for five years. Additionally, Summers commented on Elon Musk's pledge to reduce government spending by $2 trillion, pointing out that the total federal payroll isn't near that amount and noting the difficulty of major budget changes due to defense and elderly support commitments.

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