Home Crypto Whistleblower Edward Snowden Says China Crypto Ban Only Made Bitcoin Stronger

Whistleblower Edward Snowden Says China Crypto Ban Only Made Bitcoin Stronger

Former Central Intelligence Agency (CIA) worker and famed authorities whistleblower Edward Snowden says China’s newest try and ban cryptocurrencies solely makes Bitcoin (BTC) stronger.

The ex-government contractor shares along with his 4.8 million Twitter followers a publish from March 13, 2020, when Bitcoin was collapsing throughout a Covid-19-induced market shock.

Snowden said throughout that 2020 sell-off,

“This is the primary time shortly I’ve felt like shopping for Bitcoin.

That drop was an excessive amount of panic and too little cause.”

More than a 12 months and a half later, Snowden reflects on BTC’s efficiency since his authentic tweet.

“Sometimes I believe again to this and marvel how many individuals purchased Bitcoin then.

It’s up ~10x since, regardless of a coordinated world marketing campaign by governments to undermine public understanding of – and help for – cryptocurrency.

China even banned it, but it surely simply made Bitcoin stronger.”

Last month, the whistleblower predicted that El Salvador’s adoption of Bitcoin as authorized tender would put stress on different nations to do the identical.

“Bitcoin was formally acknowledged as authorized tender in its first nation. There is now stress on competing nations to amass Bitcoin – even when solely as a reserve asset – as its design massively incentivizes early adoption. Latecomers might remorse hesitating.”

Like Snowden, MicroStrategy CEO Michael Saylor, who presently owns the biggest quantity of Bitcoin in a company treasury, additionally believes that China’s enforcement in opposition to BTC is futile.

In an interview final week, Saylor said the China ban was “irrelevant” whereas referencing a number of different funding alternatives that the nation had beforehand prohibited.

“If you had dumped the shares of Google, Facebook, and Twitter in 2010 since you heard that China was going to ban it, you’d’ve misplaced obscene quantities of cash. Trillions of {dollars} have been made on applied sciences banned by China.

I believe that what China does is essentially irrelevant right here, and naturally, it’s form of attending to be laughable as a result of like each quarter for the final 5, six, seven years, there’s been a China banning factor.”

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