Former OCC official says crypto has backing but dollar ‘may not’
Former OCC acting comptroller Brian Brooks claimed that cryptocurrencies like Bitcoin “actually are backed by something.” Brian Brooks, former acting comptroller of the currency of the United States Office of the Comptroller of the Currency, has claimed that cryptocurrencies like Bitcoin (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....
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The United States government is likely to back the dollar with bitcoin in order to protect its status as issuer of the global reserve currency.
Chainlink co-founder Sergey Nazarov has expressed optimism about the future of the crypto industry. One way he expects the space to progress is through the introduction of more crypto exchange-traded funds (ETFs), which he believes will happen soon. Related Reading: Ripple CTO Says He’s ‘Still Not’ A Billionaire, But Holds Millions In XRP More Crypto […]
Tether expects to reduce USDT’s commercial paper backing to $8.4 billion by the end of June 2022 and eventually completely remove it. The major stablecoin company Tether is looking to eventually get rid of commercial paper backing for its United States dollar-based stablecoin Tether (USDT).Tether issued an official statement on Wednesday to deny reports alleging that Tether’s commercial paper portfolio is 85% backed by Chinese or Asian commercial papers and is being traded at a 30% discount.The stablecoin firm called such allegations “completely false,” reiterating that more than 47% of....
"Backing the dollar is the world's biggest, deepest and the most transparent government bond market," said Marc Chandler, chief market strategist at Bannockburn Global Forex and author of the book "Making Sense of the Dollar."