Brian Brooks, the former acting controller of the Office of the Comptroller of the Currency (OCC), recently hailed cryptocurrencies like bitcoin (BTC) in an interview with CNBC. The OCC is an independent agency within the United States Treasury Department that oversees all national banks in the United States.
Joseph Kernen, host of CNBC’s Squawk Box, quotes Jerome Powell, president of the US central bank. Powell recently claimed that bitcoin is “backed by nothing.” Brooks refutes this by saying that the dollar is not backed by anything, but cryptocurrencies is:
“The point I really want to make is that the dollar may not really be backed by anything. But cryptocurrencies are actually backed by something. They are backed by underlying networks, and what you buy when you buy a crypto token, bitcoin or something else, you buy a piece of a financial network built to handle everything.
According to Brooks, the massive printing of fiat currency by central banks is one of the main reasons why so many people are switching to bitcoin:
“In the past year, the dollar’s offer has increased by 40%. If you do that, in a world of supply and demand, it means the dollar is at least 40% less of a store of value than it was a year ago. And that’s one of the reasons people are switching to bitcoin. I believe in the wisdom of crowds. I think crowds are telling you that these networks are where the finances are going in the future. I want to be part of that. ”
Recently, billionaire investor Ray Dalio said that if bitcoin gets too big, the government “very likely” will ban it. Brooks disagrees and he compares the situation to Uber:
“Remember, every mayor and every taxi company in America tried to stop Uber. But 50 million Americans wanted it and now we have it. It will be the same with crypto. ”