Ultimate Insider Larry Summers Joins Bitcoin Firm

Larry Summers, former US Treasury Secretary and Fed president contender, has just joined the Digital Currency Group along with bitcoin developer Gavin Andresen as senior advisors. Digital Currency Group studies blockchain technology and finance and has recently acquired Coindesk, the largest bitcoin news site as well as Consensus, the largest bitcoin conference in the world.

Larry Summers is the ultimate insider and one of the most respected personalities in the Keynesian economic world. In 2013 he was the far and away favorite to become the next Federal Reserve president as Ben Bernanke’s successor. For some reason he declined the coveted and most powerful position in economics opening the door for Janet Yellen. This is his statement for declining the nomination: "I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interest of the Federal Reserve, the Administration or, ultimately, the interests of the nation's ongoing economic recovery."