Whistleblower Edward Snowden Says China Crypto Ban Only Made Bitcoin Stronger

Former Central Intelligence Company (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 put up from March 13, 2020, when Bitcoin was collapsing throughout a Covid-19-induced market shock.


Snowden said throughout that 2020 sell-off,

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

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

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

“Generally I feel 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, however it simply made Bitcoin stronger.”

Final month, the whistleblower predicted that El Salvador’s adoption of Bitcoin as authorized tender would put strain on different international locations to do the identical.

“Bitcoin was formally acknowledged as authorized tender in its first nation. There may be now strain on competing nations to accumulate Bitcoin – even when solely as a reserve asset – as its design massively incentivizes early adoption. Latecomers could remorse hesitating.”

Like Snowden, MicroStrategy CEO Michael Saylor, who presently owns the most important 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 mentioned the China ban was “irrelevant” whereas referencing a number of different funding alternatives that the nation had beforehand prohibited.

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

I feel that what China does is basically irrelevant right here, and naturally, it’s type 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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