Edward Snowden claims that the rise of cryptocurrencies is inevitable and also commented on a few features that he would like to see improved in Bitcoin’s infrastructure, as we can see more today in our latest BTC news.
In an interview with Naomi Brockwell, 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:
“I think it’s [cryptocurrency] inevitable. I think we’ve already seen states recognize that digital currencies will be the next stage of money because they’re trying to create competitors now effectively to Bitcoin…
So-called central bank digital currencies, which is just a rebranded version of fiat currencies which don’t have any really desirable properties for the public at large beyond the government being able to more effectively disburse stimulus payments.”
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. Digital currencies do not solve the problem of inflation and hidden taxes in that way, unfortunately. Snowden pointed out that BTC can be a medication for inflationary money printing practices but the network hasn’t overcome its privacy issues:
“As you say the problem with everybody moving to digital currencies is we know the Bitcoin network doesn’t support throughput. Unfortunately, the Bitcoin network as it exists does not provide the privacy protections really necessary for these kinds of transactions at scale.
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And I think it should and it could and it’s clear to me the developers realized this should be done but for whatever reason… They haven’t actually moved to do this which is puzzling to me because now they’ve had years to do it.”
Snowden admitted that despite BTC’s flaws, he uses the cryptocurrency and he prefers it over traditional credit cards:
“When we talk about this, the inevitably of this transformation towards digital currency, I’m not picking winners and losers. I don’t have a horse or a care or a concern as to who wins this beyond I think what the world needs is a truly independent means of enabling private transaction.
If that’s Bitcoin, great, fabulous. I’ve used Bitcoin before I’ll continue to use Bitcoin. But it’s very difficult for me to use Bitcoin and yet that is a huge improvement over credit cards which I cannot use because those networks are not even pseudonymous in the way a Bitcoin transaction would be.”
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