Former NSA contractor and infamous whistleblower Edward Snowden believe that Bitcoin is stronger following the latest crypto ban in China.
Bitcoin is stronger, says Snowden
Edward Snowden, a former contractor for the U.S. National Security Agency, believes that China’s cryptocurrency ban has strengthened the leading cryptocurrency. Snowden became popular after highly classified intelligence in 2013.
In March last year, Snowden said, “This is the first time in a while I’ve felt like buying Bitcoin. That drop was too much panic and too little reason.” He quoted the tweet yesterday, stating that he believes Bitcoin is stronger following China’s latest ban.
Sometimes I think back to this and wonder how many people bought #Bitcoin then.
It's up ~10x since, despite a coordinated global campaign by governments to undermine public understanding of—and support for—cryptocurrency.
China even banned it, but it just made Bitcoin stronger. https://t.co/pbnOFGfaVf
— Edward Snowden (@Snowden) October 3, 2021
He pointed out that Bitcoin’s price is up ten times since he tweeted about it last year. He wondered if more people had bought the leading cryptocurrency. Last week, the People’s Bank of China (PBoC) announced that all services that allow fiat currencies to be exchanged with crypto assets or between crypto-assets themselves will now be treated as illegal activities.
This has led numerous crypto companies in China to exit the country. Last week, crypto exchanges Huobi, BitMart and Biki announced that they would stop providing services to mainland China users in a few weeks.
Snowden wants Bitcoin to be more private
Edward Snowden has talked about Bitcoin multiple times in recent years. Earlier this year, at the Ethereal Summit, he stated that Bitcoin needed to become “private by design” to counter efforts against privacy cryptocurrencies like Monero.
He added that
Bitcoin is really failing comprehensively on the privacy angle. Now in 2021, everybody knows there’s a problem when we talk about digital surveillance.