178
views

Edward Snowden Says China’s Ban Made Bitcoin Stronger

Edward Snowden– a former member of the CIA and famous whistleblower– recently reflected on one of his one-time Bitcoin purchases. He shows amazement at Bitcoin’s immense growth despite China’s complete ban, which he says “only made bitcoin stronger.”

Snowden’s Admiration for Bitcoin

Snowden’s comments came in response to one of his former tweets from March of 2020. At the time, Bitcoin underwent a steep price fall of over 50%, from around $9000 to under $4000 in just two days. Snowden felt motivated to buy the dip, detecting irrational market panic.

This is the first time in a while I’ve felt like buying bitcoin. That drop was too much panic and too little reason.

Edward Snowden. Source: NPR

Today, Snowden realizes that his instincts were correct, citing 1000% price growth since then. He finds its sustained upward trajectory– despite a constant flood of mainstream media FUD– all the more impressive. Interestingly, he even suggests that China’s crackdown on Bitcoin and cryptocurrency is actually beneficial to it.

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.

Snowden has repeatedly shown admiration for the Bitcoin network, recognizing its growth potential and permissionless nature. Last month, the whistleblower tweeted that the protocol “incentivizes early adoption.” Also, he added that “latecomers may regret hesitating.” He predicts that other countries will be pressured to follow suit and invest in it as a reserve asset.

He has also criticized the Bitcoin network for its lack of privacy. That’s usually because the blockchain records all the transactions. Thankfully, an upcoming network upgrade seeks to fix this issue.

Is China’s Ban Actually Good for Bitcoin?

Snowden isn’t the first to suggest that China’s Bitcoin ban is a net positive. Pro-Bitcoin senator Pat Toomey calls the ban “a big opportunity for the US.” As China rejects cryptocurrency altogether, they reject economic liberty and growth, which the US can capitalize on instead.

Furthermore, after China began routing the miners within its border in May, network carbon emissions fell sharply. Meanwhile, Bitcoin’s hash rate is already making a remarkable recovery– this time in more eco-friendly nations.

Bitcoin live price
Btc
Bitcoin
$29.628
price
0.63464%
price change
BUY NOW

China’s most recent crackdown has been against crypto transactions– not just mining. So far, they have targeted crypto data sites and significant cryptocurrency exchanges, forcing them to flee the country.

Stay up to date with our latest articles