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Ex-OCC Chief Brooks Calls Tesla's Bitcoin Buy a Bit'Scary' for Rest of World

Brooks explained the U.S. money supply will have climbed 40% over the previous 12 months once the latest form of stimulus is finished.

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Ex-OCC Chief Brooks Calls Tesla's Bitcoin Buy a Bit'Scary' for Rest of World

"For men and women that are spent in bitcoin it's exciting news," said Brooks, who left the OCC past month. "For men and women that are taking a look at the rest of the world it is actually just a little bit [of] scary news."
Brooks was reacting, in part, to Tesla's statement Monday it has spent $1.5 billion in bitcoin and could be seeking to acquire more digital assets. That news sent the amount of bitcoin to some other all-time high.
The former acting comptroller noted that the U.S. money supply has risen 25% since the beginning of the pandemic and will be up 40% in comparison to a year ago after the latest round of stimulus is completed in the upcoming few days.
"That's crazy, right?" Brooks asked. "The manner inflation functions is that the more of asset you have the less valuable it really is. That would explain why a great deal of institutions want to have bitcoin sitting inside their treasury because it is much more stable source of significance over the long haul, possibly.'
Brooks declined to state exactly what his next career move will be, only he hopes to maintain the space for a long time to come.

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