Brian Brooks Says Tesla’s Bitcoin Investment Is Both Thrilling and Alarming

The former head of the Office of the Comptroller of the Currency (OCC) within the U.S. Treasury, Brian Brooks, commented on Elon Musk’s company’s purchase of the first cryptocurrency in an interview with CoinDesk

“For those investing in Bitcoin, this is fantastic news. For those not involved, it looks somewhat alarming,” said the former official.

Brooks noted that after the implementation of Biden’s announced new stimulus package, the pace of money-supply growth would accelerate from 25% at the onset of the pandemic to 40%. This is what leads companies like Tesla and MicroStrategy to place reserves in the first cryptocurrency and concerns those tied to the traditional economy.

“This is madness, right? Inflation works like this: the more assets you have, the less value they possess. This explains why many institutions want to hold Bitcoin in reserves. Potentially this is a much more stable store of value in the long term,” he explained.

In the interview, Brooks did not disclose his plans after leaving the OCC on January 14.

Earlier, former Ripple adviser Michael Barr was floated as a potential candidate to head this agency.

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