NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Why former OCC head Brooks thinks Bitcoin is stronger than U.S. dollar

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Bitcoin BTC

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

In an interview on CNBC’s Squawk Box, former head of the Office of the Comptroller of the Currency, Brian Brooks, spoke about the regulatory hurdles for Bitcoin. Referring to a recent speech given by the chairman of the U.S. Federal Reserve, Brooks stated that people have “migrated to Bitcoin” because of the risk of inflation in the U.S. dollar.

Fed Chairman Jerome Powell gave a speech at the Bank of International Settlements Innovation Summit, claiming Bitcoin could be a substitute for gold. However, Powell’s statements were contradictory, asserting that the precious metal is not a store of value, like the U.S. dollar.

The former OCC chief claimed that the Fed has increased the money supply by 40%, therefore, that country’s currency has become “at least 40% less good as a store of value.” Brooks then highlighted the difference and possible fundamental weakness 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 a 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.

Over the past two years, the market and technology behind cryptocurrencies have matured. Brooks believes this explains the rise in the market capitalization of this sector to nearly $2 trillion. The former 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…

"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

Americans will push for Bitcoin’s adoption

For Brooks, Bitcoin’s value also lies in having demonstrated that its use case could be met without financial institutions. Therefore, the adoption of the cryptocurrency goes beyond speculation, Brooks added:

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 in the crypto market has faced opposition from regulators such as the SEC and the Fed. Brooks believes that even if U.S. authorities try to stop Bitcoin, U.S. citizens will exert enough pressure for it to gain regulatory approval. Comparing Bitcoin and cryptocurrencies to the on-demand transportation service Uber, Brooks said:

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

At the time of writing, Bitcoin trades at $56,012 with 4.7% gains in the 24-hour chart. In the last week, Bitcoin has retraced (-3.5%) to the low ranges of $50,000 but seems to have regained important bullish momentum.

Bitcoin BTC
BTC with moderates gains in the 24-hour chart. Source: BTCUSD Tradingview
Tweet123Share196ShareSend
Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Tech Expert Predicts $1 Million Bitcoin — ‘Only One More 10x Left’

Bitcoin was back in the news this week after surging past $104,000 before retracting a bit. The rally, which started...

Christian Encila 4 hours ago
Bitcoin Whale Entry Prices Diverge Sharply – Confidence Builds At Higher Levels

Bitcoin Whale Entry Prices Diverge Sharply – Confidence Builds At Higher Levels

Bitcoin has surged to $104,300, confirming the uptrend and reinforcing the bullish outlook that many analysts projected for 2025. This...

Sebastian Villafuerte 6 hours ago
Dogecoin

Dogecoin Price Continuation Shows Rebound, But Resistance Is Mounting At $0.205

The Dogecoin price appears to be on a continued rebound, with bulls regaining some control over the market after weeks...

Scott Matherson 7 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

bitcoin

Bitcoin Market Cycle Indicator Hints At Bullish Breakout Ahead, Analyst Says

Ash Tiwari 1 hour ago
Bitcoin Reaches $103K as Funding Rate Turns Positive Post-Liquidations

Bitcoin Reaches $103K as Funding Rate Turns Positive Post-Liquidations

Samuel Edyme 2 hours ago
Bitcoin Whales

New Bitcoin Whales Sitting On 185% Higher Cost Basis Than HODLer Whales, Data Shows

Keshav Verma 3 hours ago

Premium Sponsors

Top Brands

Press Releases

  • BTC breaks through $100,000 again – SIX MINING users...

    12 hours ago
  • HJB Miner: High-return AI mining, earning huge profits

    14 hours ago
  • Gate.io Releases Latest Proof of Reserves Report: Total...

    14 hours ago
  • From Zero to $100K: How Average XRP Investors Are Making...

    17 hours ago
  • Analysis of The Top 7 Cloud Mining Sites in 2025; Earn Over...

    18 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.