Crypto is not replacing the U.S. dollar, Bitfury CEO Brian Brooks says

Crypto prices should be viewed more like internet stocks than currency, said Brian Brooks, the former U.S. Acting Comptroller of the Currency during the Trump Administration.

The biggest misunderstanding around cryptocurrencies is that if they’re “not doing a great job of replacing the U.S. dollar, then crypto is failing in its mission,” Brooks, now the CEO of bitcoin mining and crypto tech company Bitfury Group, told CNBC’s Ylan Muii at the Aspen Ideas Festival on Monday.

“Most of crypto is about replacing the centralized banking system with networks that allow user control versus bank control … the crypto assets that have prices are more like internet stocks,” Brooks said. “It’s more like you bet on Google if you think there’s going to be high internet traffic; if you short it, it’s that people are going to go back to the post office, right? But it’s not that ethereum or Ripple or anything else is trying to replace the U.S. dollar, it’s trying to replace the system of transmitting value,” he said.

Source: https://www.cnbc.com/2022/06/28/crypto-is-not-replacing-the-us-dollar-bitfury-ceo-brian-brooks-says.html