One of America's most prominent economists, and a vocal critic of the idea of a U.S. Bitcoin (BTC) reserve, has lost his affiliation with one of the world's most influential economics institutions.
Lawrence Summers is no longer affiliated with the National Bureau of Economic Research (NBER), the group confirmed this week following an internal review of his conduct.
The decision marks the latest professional fallout for the former U.S. Treasury secretary and Harvard University president, whose longstanding relationship with the late financier Jeffrey Epstein has drawn renewed scrutiny.
Related: Bitcoin struggles for direction despite clearer regulations, Economist says
Longtime skepticism toward Bitcoin reserves
Beyond his academic career, Summers has frequently weighed in on cryptocurrency policy.
He has repeatedly expressed skepticism toward the idea that governments, particularly the United States, should hold reserves in Bitcoin.
The concept of a U.S. strategic Bitcoin reserve gained renewed attention in 2025 after policy proposals linked to the administration of Donald Trump .
Summers questioned the economic rationale behind such a move.
"I see the arguments for why we must build reserves of things needed in an emergency,"Summers said when asked about the proposal. "But I really don't see what crisis for which we would need to prepare through a Bitcoin or crypto reserve."
He added that if the purpose of such a reserve were simply to support cryptocurrency prices, he would oppose the idea outright.
"If the supporters of this idea only want governments to prop up the price of cryptocurrencies, then I am strictly against the idea."
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Recognizing blockchain, questioning Bitcoin's role
Despite his reservations about Bitcoin as a reserve asset, Summers has acknowledged the broader significance of blockchain technology.
Speaking at the Consensus 2016 conference in New York, Summers predicted that blockchain would likely reshape financial infrastructure over the long term.
"I'm reasonably confident that the blockchain will change a great deal of financial practice and exchange,"he said at the time.
However, he suggested the technology could ultimately prove more influential than the cryptocurrency that first introduced it.
In later remarks, Summers compared cryptocurrencies to "digital gold," arguing they could persist as part of global markets but remain limited in their role within the broader economy.
Related: Bitcoin's role amid rate cuts: risk asset or digital gold?
NBER review ends Summers' affiliation
The NBER said an ad hoc committee reviewed Summers' conduct and recommended terminating his role as a research associate.
"He is no longer an NBER affiliate," NBER president James Poterba wrote in an email, according to the Wall Street Journal .
Founded in 1920, the NBER is widely regarded as the premier research hub for academic economists. Its network of roughly 1,850 affiliated scholars includes many Nobel Prize winners and leading economic policymakers.
For decades, affiliation with the organization has been considered a major professional milestone in the economics field.
Summers himself authored 143 working papers and publications through the NBER, many of which were later published in top academic journals.
His ties to the institution were also personal. Summers studied under the late Harvard economist Martin Feldstein, who previously served as NBER president and played a major role in shaping the organization.
Related: Could Bitcoin replace the US dollar as the world's reserve currency?
This story was originally published by TheStreet on Mar 12, 2026, where it first appeared in the Economy section. Add TheStreet as a Preferred Source by clicking here.
