Former Treasury Secretary Larry Summers calls Trump’s proposed Bitcoin reserve “crazy” and risky

Larry Summers, former U.S. Treasury Secretary, criticized President-elect Donald Trump’s plan for a national Bitcoin reserve, dismissing it as “crazy” and politically driven. Skeptics warn the plan could waste taxpayer funds and harm the dollar’s stability.

Former Binance CEO Changpeng Zhao predicts China could adopt Bitcoin reserve despite skepticism

Speaking at a Bitcoin conference, former Binance CEO Changpeng Zhao speculated that China might establish a Bitcoin reserve, following the U.S. proposal by President-elect Donald Trump. While critics argue the plan primarily benefits Bitcoin holders, Zhao described the move as “inevitable” for countries pursuing hard assets. Zhao, recently released from U.S. federal prison, hinted at potential political support from Trump’s administration.

Crypto market experiences sharp decline with $1.71B liquidated, impacting nearly 570,000 traders

At 5:00 AM (UTC+8), the cryptocurrency market saw a sudden and significant drop, leading to widespread liquidations. According to OKX data, Bitcoin (BTC) plummeted to $94,000, Ethereum (ETH) declined to $3,465, and Solana (SOL) fell to $200. Several altcoins suffered even steeper losses, with intraday declines exceeding 30% for some.

Coinglass reported that the total liquidation volume over the past 24 hours reached $1.71 billion, of which $1.55 billion were long positions. The mass sell-off affected 567,905 traders worldwide, underlining the volatility and risks associated with the crypto market.

MicroStrategy purchases 21,550 Bitcoin for $2.1 billion, boosting its holdings to over 2% of total supply

MicroStrategy, led by Executive Chairman Michael Saylor, made another significant addition to its Bitcoin reserves, purchasing 21,550 Bitcoin for $2.1 billion in the week ending December 8. This brings the firm’s total Bitcoin holdings to 423,650 tokens, valued at nearly $42 billion at current prices, representing more than 2% of the total Bitcoin supply. The company financed this purchase by selling $2.13 billion worth of shares through its at-the-market (ATM) facility, leaving it with $9.19 billion in remaining funds from its $21 billion share sales program.

The strategic move coincided with Bitcoin reaching new highs, surpassing $100,000 for the first time in its history. Bitcoin’s price surge was fueled by heavy U.S. investor activity and substantial inflows into U.S. spot Bitcoin ETFs, which attracted $2.73 billion last week. Despite the strong Bitcoin performance, MicroStrategy’s stock saw a slight decline of 1% in premarket trading, reflecting a modest pullback in Bitcoin prices to $99,000.

Resources:

Fortune

Cointelegraph

Coinglass

CoinDesk