China’s ban is making Bitcoin stronger according to popular whistleblower Edward Snowden who joined the list of people that believe the ban will benefit the cryptocurrency so let’s read more in our latest Bitcoin news today.
Snowden wrote recently about BTC’s price which is roughly 10x higher than the last time he did. The world’s most populated nation has been against the crypto industry for a decade as the country took the hostile stance a step ahead this year. It reiterated the ban but intensified it by going after the miners as many of them had to shut down their services or relocate to other, friendly environments. China’s central bank banned all local organizations from dealing with companies that are associated with the digital asset space and these developments led to the short-term price drops for BTC with the rest of the market even thought hat they are not new.
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
China’s ban is making Bitcoin stronger however as Snowden posted on Twitter. He spoke about the price movements for BTC since last March when it dipped below $4000 during the COVID pandemic market crash. He tweeted about buying more portions of the asset at this 50% daily drop was too little reason and too much panic. Being more than 10x up since is a huge milestone especially given the fact that BTC Was banned within the timeframe in China. The number of people that believe that the ban will benefit bitcoin continues to increase with some saying that other nations like the US could have a great advantage of this.
Snowden made headlines back in 2013 once he stole and leaked plenty of classified documents from the National Security Agency that was his workplace at the time. These included proof of mass government surveillance, computer hacking, espionage, phone tapping, and more. He admitted that he used BTC to help him reveal the stolen documents and noted in the interview that the servers that he used to transfer this information to journalists were paid for using BTC. However, he also criticized BTCs’ blockchain as it sucks in plenty of ways like financial privacy.
As recently reported, Edward Snowden claims the rise of digital currencies is inevitable and crypto assets are here to stay but central bank digital currencies offer zero advantages over traditional fiat money. According to him, people don’t have the financial sophistication to realize that the CBDCs are another way of taxing people because the stimulus payment is debasing the value of the currency.
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