The Office of Financial Research, an independent bureau of the Treasury Department released a report yesterday, stating that cryptocurrencies are not posing any threat to financial stability. “The market is small enough that it is unlikely to affect household wealth or gross domestic product in a way that would pose much risk to the U.S. economy,” said from OFR’s report.
To explain the ratio of crypto and the nation’s entire money, the report pointed out that Bitcoin had $115 billion market cap while the entire money supply is close to $14 trillion. Despite this, the agency said that continuous monitoring of cryptocurrencies will still be done, since it is rapidly growing and expanding.
To give the nation a view of the trends in the nation’s financial system and monitor possible risks, The Office of Financial Research was founded in the 10th of July 2010, established by the Dodd-Frank Act.