Edward Snowden warned the SHIB investors when dealing with the “garbage” coin, they could end up losing their money. But why does he think this could happen? Let’s find out in the latest altcoin news today.
The popular whistleblower Edward Snowden warned SHIB investors, talking negatively about the Shiba Inu coin and its ability to bring fortune to the holders, saying that this meme coin is nothing more than a “clone of dog money” which can turn to be a dangerous investment. In a recent tweet, the former National Security Agency consultant became another person to comment on the Shiba Inu token. The self-proclaimed DOGE killer registered a few all-time highs lately and grabbed the attention of the public, but Snowden doesn’t think this is a good investment.
Snowden is not a fan of Doge either but SHIB is even riskier as it is only a “clone of dog money.” The whistleblower advised people to try their luck with this coin as long as they invest money that they are ready to lose:
“The problem is when they get emotionally manipulated into mortgaging the farm based on a meme’s worth of understanding. If you want to drop some Happy Meals on lottery tickets, knock yourself out. But not the rent money.”
Garbage or not, Shiba Inu was one of the top performers on the crypto markets in the past few months as its price surged by 100,000,000% since the start of 2021. While many think that it has no utility or functionality, it is worth noting that it has become the biggest meme coin in terms of market cap. Another financial asset that Snowden talked about negatively was a central bank’s digital currency. He commented that CBDCs could harm the monetary network as they are able to grant a lot of power to the governments and leave less freedom for people. He labeled them as a perversion of crypto and crypto-fascist currencies.
Snowden talked about China as an example where a total crypto crackdown happened with the digital yuan launch at the same time, which increase the ability of the State to impose itself in the middle of the transaction. The American however had a controversial history with crypto but he is supportive of Bitcoin at least. He praised its stability saying that the Chinese ban didn’t manage to harm BTC but only made it stronger.
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