Edward Snowden Says Bitcoin is Stronger after China Banned Crypto
- Edward Snowden praised bitcoin and said it is now stronger after China banned it
- The NSA whistleblower said bitcoin has grown more than 10 times since March 2020
What’s New with Bitcoin?
Edward Snowden, the infamous whistleblower at the US National Security Agency, praised bitcoin on Thursday.
“Sometimes I think back to this and wonder how many people bought Bitcoin then,” he said on Twitter. Mr. Snowden was referring to a tweet from March 2020 when Covid-19 swept the financial markets and knocked bitcoin’s price.
“It’s up ~10x since, despite a coordinated global campaign by governments to undermine public understanding of—and support for—cryptocurrency,” he also noted in his post.
In conclusion, he said that even after the China ban, Bitcoin has become stronger.
Back in March 2020, Edward Snowden said that this was the first time he “felt like buying bitcoin.” In more detail, he cited the steep drop in the price of bitcoin as a reason to invest in the token. “Too much panic and too little reason,” he said then.
Why Is This Important?
Going back to the onset of the pandemic, we all felt the panic when the coronavirus-induced selloff disturbed every financial asset. In early March 2020, the price of bitcoin dropped more than 50% in two days. Moreover, that was the time when the flagship token slipped to its 2020-low of $3,850 per coin.
Against that backdrop, bitcoin has proved resilient while its ability to rise after a staggering drop has defined its character.
The Bottom Line
Edward Snowden, the former contractor for the NSA who leaked classified information in 2013, has been tracking the developments in bitcoin. That said, his opinion echoed a major theme around bitcoin. And that is the belief that bitcoin is difficult to be stamped out.
Adding to the narrative that the orange coin is resistant to government pressure, Elon Musk’s recent comments confirm it. Moreover, discussing crypto regulations, the Tesla and SpaceX CEO said it would not be possible for governments to destroy cryptocurrencies.