Brian Brooks: Cryptocurrencies are backed up by something, unlike the dollar? Former U.S. Treasury Department spokesman Brian Brooks said that cryptocurrencies are "reinforced by something, as opposed to the dollar." Thus, he responded to recent claims about Bitcoin by the chairman of the US Federal Reserve Jerome Powell. Powell argued that the main cryptocurrency on the market is a replacement for gold, but, overnight with that it is not backed up. Brooks, for his part, noted that people have many reasons to be interested in Bitcoins and invest in them. One of the most pressing increases in the total dollar money supply by the US Federal Reserve itself, which has made the dollar a  40% less reliable means of saving this year. According to Brooks, such things force people to look for a replacement for the national currency, finding it in cryptocurrencies. He also recalled the Nixonian shock of 1971, when the President of the United States decided to abandon the gold standard. Brooks said that the dollar is not really backed up, unlike cryptocurrencies, which are based on blockchain technology. According to Brooks, buying cryptocurrency, a person buys a part of the financial network that was created for transactions. In fact, consumers pay for technology rather than for a particular digital token, whether it's Bitcoin or whatever. Meanwhile, Jerome Powell said the U.S. Federal Reserve is exploring the concept of a digital dollar, but does not intend to start working on it without congressional approval. 📌 Subscribe to our Telegram, Twitter and Facebook to be the first to know the news of cryptocurrencies!