The former acting Comptroller of the Office of the Currency (OCC), Brian Brooks has said that the rest of the world should be troubled because companies like Tesla and Microstrategy are investing in Bitcoin. According to him, the reason for this fear should be because of the debasement of fiat currencies of countries across the world.
According to Brooks, crypto enthusiasts and investors would be enthralled and excited by the foray of firms like Tesla into the crypto market, while the rest of the world would see developments like this as “a little bit scary news.” He also added the fact that money supply in the United States has grown by over 25% since last year and there is every probability that it could get to as high as 40% when the most recent stimulus package is done.
He concluded by saying that the rising inflation rate of the economy is why the majority of these firms are taking a more proactive step towards adopting Bitcoin which is, potentially, a more “stable source of value over the long haul.”
Under Brooks, the OCC had a positive outlook towards cryptocurrency with the body enabling a number of policies that affect the adoption of crypto assets across the country. The recent purchase of BTC by popular carmaker, Tesla, drove the value of the leading crypto asset to a new all-time high.