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Brian Brooks Commented on Tesla’s Purchase of Bitcoins

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Brian Brooks

Brian Brooks calls Tesla’s Bitcoin investment exciting and frightening at the same time

Brian Brooks

The former head of the Office of the Comptroller of the Currency (OCC) at the US Treasury Brian Brooks, in a conversation with CoinDesk, commented on the purchase of the first cryptocurrency by Elon Musk.

“For those who invest in bitcoin, this is great news. For those who are not involved in this, it looks somewhat alarming ” – the former official commented.

Brooks stressed that after the implementation of the new stimulus package announced by Joe Biden, the growth rate of the money supply will accelerate from 25% at the beginning of the pandemic to 40%. This is forcing companies like Tesla and MicroStrategy to place reserves in the first cryptocurrency and worries those in the traditional economy.

“This is crazy, right? This is how inflation works: the more assets you have, the less valuable they are. This explains why many institutions want to have Bitcoin in reserves. This is potentially a much more stable source of value in the long run,” – he explained.

Brooks did not reveal his plans after leaving the post of head of the OSS on January 14 in an interview.

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