Bitcoin got stronger despite government crackdowns, says Edward Snowden


Edward Snowden contributed to the opposition to Bitcoin (BTC) despite increased regulatory oversight of cryptocurrencies around the world.

In a tweet on Sunday, the former CIA agent said that Bitcoin is getting stronger among government bans and anti-crypto policies.

Snowden’s tweet referred to remarks on March 13, 2020, in the middle of Black Thursday, when cryptocurrency and stock markets fell sharply amid fears of the coronavirus pandemic.

As the Cointelegraph reported at the time, Snowden was not embarrassed by Bitcoin’s 50% fall, noting that this was the first time he “wanted to buy Bitcoin.”

“This number has increased tenfold since then, despite a coordinated global campaign by governments to undermine public understanding and support for cryptocurrency,” Snowden wrote on Twitter on Sunday.

Bitcoin fell to $ 3,800 during the Black Friday crash in March 2020, but has since still reached a new record high of around $ 64,800.

Trading over $ 47,000 at the time of listing, the BTC spot price has increased more than 10x since the publication of Snowden’s tweet in March 2020.

In fact, 2021 was a year of repression of bitcoins and cryptocurrencies, especially in China, with the Beijing government stepping up its efforts on negative cryptocurrency policies.

Many bitcoin miners have left China and moved their units abroad. The temporary shutdown of cryptocurrency mining in China caused a sharp drop in the bitcoin hash rate.

About the topic: Actions say: Cryptocurrency ban in China could reveal the purposes of digital yuan cryptocurrency

Anti-bitcoin sentiment also seems to be widespread in Washington, as some members of Congress use negative rhetoric against cryptocurrencies and also demand stricter laws.

Regulators such as Gary Gensler, chairman of the US Securities and Exchange Commission, are also pushing for stricter cryptocurrency laws that critics say could hinder digital innovation in America.

Meanwhile, the spread of bitcoin continues to grow and includes nation states. El Salvador recently wrote history as the first country to accept BTC as a legal tender, which could have important consequences for the whole of Central and South America.

Snowden has previously commented on El Salvador’s bitcoin law, suggesting that other countries may be interested in accepting BTC as a reserve.

Source: CoinTelegraph


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