Edward Snowden – Bitcoin Strengthened In Spite of Government Crackdown
In spite of increased governmental surveillance on cryptocurrencies across the globe, Edward Snowden has praised Bitcoin’s (BTC) ant fragility. The ex US Central Intelligence Agency operative said on Twitter on Sunday that government prohibitions and anti-crypto measures had strengthened Bitcoin.
Snowden’s post alluded to comments made on March 13, 2020, during the midst of the Black Thursday crash, which saw cryptocurrency and stock markets plummet on worries of a coronavirus outbreak. Interestingly, Snowden seemed unconcerned by Bitcoin’s 50% decline, saying that it was the foremost time he “felt like purchasing Bitcoin.”
“It’s grown 10x since,” Snowden tweeted on Sunday, “in spite of a concerted worldwide effort by governments to erode public knowledge of—and enthusiasm for—cryptocurrency.” Bitcoin fell below $3,800 during the March 2020 Black Thursday collapse, but has since risen to a record all-time peak of almost $64,800.
A the time of writing this article, Bitcoin was was trading at over $47,000 in the spot market, having risen over tenfold since Snowden’s tweet in March 2020. Certainly, 2021 has been a year of broad Bitcoin and cryptocurrency clampdowns, particularly in China, with officials in Beijing raising the ante on anti-crypto measures.
Numerous Bitcoin miners have left China, relocating their gear to other countries. The temporary suspension of cryptocurrency mining activities in China even resulted in a significant drop in the Bitcoin hash rate.
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
Anti-Bitcoin views seem to be widespread in Washington, with several members of Congress spouting harsh language regarding cryptocurrencies while simultaneously advocating for tighter regulations. Regulators such as Gary Gensler, head of the United States Securities and Exchange Commission, have also advocated for stricter cryptocurrency regulations, which opponents argue would stifle digital advancement in the United States.
In the meantime, Bitcoin acceptance continues to rise, with even countries joining the fray. El Salvador lately made history by becoming the first nation to receive Bitcoin as legal currency, a decision that may have far-reaching consequences throughout Central and South America.
Snowden has earlier remarked on El Salvador’s Bitcoin Law, saying that other countries may be motivated to adopt Bitcoin as a backup asset.