Top Banking Regulator Explains Bitcoin Benefits To US Senate

Bitcoin has been seeing increased popularity, and this is a big deal for 2020 when the whole world is struggling in the middle of a crisis triggered by the coronavirus.

But this year, Bitcoin proved its strength and resilience – as you probably know by now, the king coin fell in price back in March reaching lows below $4,000.

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $15,821.28.

Also, it’s important to note that recently BTC hit $16k and this has not been seen for three years now.

More and more people understood that Bitcoin is indeed a safe haven, and they are considering investing. Even big players hopped in the crypto wagon this year.

These are just a few of the reasons for which Bitcoin is seeing increased popularity and the optimistic predictions are flooding social media.

Explaining the importance of BTC and crypto to the US Senate

It’s been just revealed that an important regulator explained the importance of crypto in the economic climate and in the future of banking to the US Senate.

The online publication the Daily Hodl noted that as part of his testimony during a hearing held by the Senate Committee on Banking, Housing and Urban Affairs, chief officer of the Office of the Comptroller of the Currency (OCC) Brian Brooks talked about the efforts that the OCC is making to make sure that federal banking system continues to be a source fo strength and relief to consumers, and businesses during this pandemic.

Brooks also addressed the importance of innovations in crypto that have been benefiting millions of American consumers.

“Today, roughly 60 million Americans own some type of cryptocurrency, with a total market cap of nearly $430 billion. These figures clearly illustrate that this payment mechanism is now firmly entrenched in the financial mainstream,” he said.

He continued and explained that “Cryptocurrency has become a popular mechanism for sending and receiving payments for goods and services because transactions post in real-time and provide convenience and security. Cryptocurrency also describes categories of specific currencies of value, and the rise in the use of stablecoins demonstrates consumers’ comfort with its use.”

Check out the complete notes to learn all that he had to say.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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