Bitfury’s CEO Explains Why Bitcoin Is Proned for Upcoming Gains

Brian Brooks, CEO of Bitfury Group, believes that a digital asset’s value is determined by its network. He predicted that bitcoin would rise in price from the current $20,000 mark as more people start using it.

BTC is not worth $20K

The Bitcoin USD valuation has been a major topic in cryptocurrency. Consequently, the recent price fluctuations and dramatic rises have become the news. The primary digital asset trades at $20,000 as of the writing of these lines. This is a substantial drawback considering the record high of nearly $70K seven months ago.

Brian Brooks, a former US Acting Commissioner of the Currency and Bitfury’s CEO, believes that BTC will rise in value as more people use it for transactions. He said that digital assets’ prices are driven by their adoption rates.

“This is why bitcoin won’t stay at $20,000 because it is used by more people. Similar with many other things. The token’s value is determined by the value of its network.

He also stated that cryptocurrencies like Ripple, Ethereum, Bitcoin and Ethereum do not have the chance to overtake the American dollar. He believes that these coins should not be considered currencies, but Internet stocks.

It’s more like betting on Google if there’s high internet traffic. If you reduce it, it’s that people will go back to the postal office. It’s not like Ripple, Ethereum, or any other cryptocurrency is trying to replace US dollars. It’s trying to substitute the system of transmitting values.

Brooks then spoke about stablecoins, which became a controversial topic following Terra’s UST crash to zero last month. These tokens will be similar to bank deposits, Brooks said. They won’t charge a minimum balance fee and don’t require a monthly maintenance fee.

Brian Brooks Source: Bloomberg

Brooks’ Statements Through the Years

Last November, the American was appointed CEO of Bitfury to replace Valery Vavilov. He pledged to make Bitfury a leader within the European digital asset ecosystem upon his arrival.

He praised Bitfury’s “sustained research” and the best-in-class technology it provided back then. He said that Bitfury’s innovative nature will increase its long-term success chances.

Brooks was the interim head of the Office of the Comptroller of the Currency (OCC), under the Trump administration. He presented himself as a passionate advocate for bitcoin and blockchain technology in 2020.

“Blockchain can connect all types of data in a distributed network. It can create large, frictionless, decentralized networks of people. Blockchain and crypto hold great promise.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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