Former OCC official says crypto has backing but dollar ‘may not’ By Cointelegraph

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Former OCC official says crypto has backing but dollar ‘may not’

Brian Brooks, former acting comptroller of the currency of the United States Office of the Comptroller of the Currency, has claimed that cryptocurrencies like (BTC) have some backing, while the U.S. dollar may not have any.

Brooks gave his remarks in a CNBC Squawk Box interview with Joseph Kernen to unpack recent Bitcoin-related remarks by the U.S. Federal Reserve chair Jerome Powell. Earlier this week, Powell argued that cryptos like Bitcoin are “essentially a substitute for gold” but at the same time they are “not backed by anything.”