Former OCC Head Brooks Believes BTC Is Stronger Than The Dollar

The former OCC head Brian Brooks in an interview on Squawk Box spoke about the regulatory hurdles for Bitcoin and said that the cryptocurrency is stronger than the US dollar so let’s read more in our latest Bitcoin news today.

The former OCC head spoke about the speech of the Federal Reserve Head and stated that people chose to migrate to Bitcoin because of the risk of inflation in the US dollar. Fed Chairman Jerome Powell spoke at the Bank of International Settlement Innovation Summit, claimed that BTC is a good substitute for gold but his statements were contradictory because the precious metal is not a store of value like the dollar. Brooks claimed that the FED increased the money supply by 40% and the country’s currency became at least 40% less good as a store of value, highlighting the possible weaknesses in the dollar:

“The dollar may not actually be backed by anything … cryptocurrencies actually are backed by something. They’re backed by underlying networks and what you are buying when you buy crypto tokens, whether is Bitcoin or anything else, is you are buying a piece of a financial network build to transact all kinds of stuff.”

"The dollar may not actually be backed by anything … cryptocurrencies actually are backed by something. They're backed by underlying networks," says @BrianBrooksOCC on #bitcoin #btc #cryptocurrencies pic.twitter.com/wnNeWzcNY5

— Squawk Box (@SquawkCNBC) March 26, 2021

Over the past two years, the market and technology behind crypto evolved and matured. Brooks thinks that this explains the rise in the market cap of the sector to $2 trillion as the OCC chief added:

“I think there are forces of the future at work and forces of the status quo. I think the crowds are telling you that this networks are where finances are going in the future…”

For Brian Brooks, bitcoin’s value can be seen in showing that the use cases could be met without any financial institutions so the adoption of the cryptocurrency goes even beyond speculation as he noted:

“Bitcoin was the first token to show you that finance could be done on a networked basis as opposed to at the bank … there was $61B worth of bitcoin transacted yesterday is because that network has been adopted by people who used to go to the bank.”

Innovation on the market faced opposition from regulators like the SEC and the FED so Brooks believes that even if US authorities want to stop bitcoin, people will make pressure to get regulatory approval:

“You can absolutely fight City Hall. Remember, every mayor and every taxicab commissioner tried to stop Uber.
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But 50 million Americans wanted it and now we have it. It’s going to be the same thing with crypto.”