Brian BrooksCBDCCointelegraph.comDigital DollardollargoldGovernmentUnited States

Former OCC official says crypto has backing but dollar ‘may not’

Former OCC acting comptroller Brian Brooks claimed that cryptocurrencies like Bitcoin “actually are backed by something.”
Brian Brooks, former acting comptroller of the currency of the United States Office of the Comptroller of the Currency, has claimed that cryptocurrencies like Bitcoin (BTC) have some backing, while the U.S. dollar may not have any.Brooks gave his remarks in a CNBC Squawk Box interview with Joseph Kernen to unpack recent Bitcoin-related remarks by the U.S. Federal Reserve chair Jerome Powell. Earlier this week, Powell argued that cryptos like Bitcoin are “essentially a substitute for gold” but at the same time they are “not backed by anything.”CNBC host Kernen pointed out that gold has historically been seen as a store of value, expressing confusion over Powell’s comments, stating. “He just said it’s like gold but not a store of value. Does he not think that gold is a store of value?”In response, Brooks said that there are many reasons why people have flocked to Bitcoin over the past year, including the Fed dramatically increasing the dollar supply. “So when you do that, it means that the dollar is at least a 40% less good store of value than it was a year ago. And that is one of the reasons people opt to Bitcoin,” he stated.In reference to the United States abandoning the gold standard under President Richard Nixon in 1971, Brooks said:“The point I really wanna make is the dollar may not actually be backed …
Story continues on Cointelegraph

Related posts

Catalytic event or unbridled optimism? Coinbase approaches public listing

Is a $100-billion valuation justified? Profit margins could tighten with increased competition. The Coinbase direct stock listing could be a rite of passage for the blockchain and cryptocurrency industry, and the announcement on March 20 by the United States Commodity…
BitcoinBusinessCryptodawn fitzpatrickgoldsoros

Soros Fund Invests in Crypto, Citing “Real Fear” Around Fiat Supply

Soros Fund Management CIO Dawn Fitzpatrick commented on cryptocurrency on Thursday, stating the fund had been making investments throughout the space. Fiat Crisis Boosted Bitcoin, Says Soros CIO Chief investment officer Dawn Fitzpatrick oversees $27 billion for Soros Fund Management….

SushiSwap launches margin trading with long-awaited Kashi release

SushiSwap wants to offer a wider net of margin assets than independent DeFi lending platforms. Decentralized exchange SushiSwap has released Kashi, a specialized lending platform specifically designed for margin trading on the exchange. Kashi lets traders borrow assets for creating…