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What is the US dollar backed by? Bitcoin is at least backed by ‘something’

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What is the US dollar backed by? Bitcoin is at least backed by ‘something’


Previous acting representative of United States Office of the Comptroller of the Currency, Brian Brooks was in the news today as he imparted his insight on Bitcoin. Talking at a meeting with the CNBC SquawkBox group, Brooks asserted the leader crypto resource is "really" "upheld by something." Interestingly he immediately added that fiat, for example, the US dollar might not have a support.


Streams' remark on Bitcoin was because of US Federal Reserve seat Jerome Powell's correlation of Bitcoin with Gold and the dollar. As per Powell, while Bitcoin is "basically a substitute for gold" it is "not sponsored by anything."


The CNBC anchor, Joe Kernen referenced how for quite a long time, individuals have considered gold to be a store of significant worth and tended to a disarray that the vast majority who heard Powell's remarks appeared to wrestle with. Kernen said that while Powell "just said it's [Bitcoin] resembles gold however not a store of significant worth." "Does he not think that gold is a store of significant worth?"


In any case, Brooks endeavored to explain the matter and reacted that absurd year, Bitcoin's fame among its clients, has had numerous reasons:

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.


Alluding to the way that previous US President Richard Nixon dropped the best quality level, Brooks additionally added:

The point I really wanna make is the dollar may not actually be backed by anything… But cryptocurrencies actually are backed by something. They’re backed by underlying networks, and what you’re buying when you buy a crypto token, whatever it is Bitcoin or anything else, you’re buying a piece of a financial network built to transact all kinds of stuff.


Moreover, Brooks accepted that Bitcoin's notoriety alone recommended that "these organizations are the place where funds are going later on." He presumed that he needed to be "important for that."




MARCH 26, 2021