Photo Credit: edwardsnowden.substack.com
Edward Snowden tweeted that China's blanket ban on crypto actually ended up making Bitcoin stronger. The NSA-whistleblower noted that it's value has only risen — Bitcoin opened trading at Rs. 36,53,453 (roughly $49,285) on Monday, October 4, representing an overall rise in its exchange value following an unstable week that was stirred by China's anti-crypto decision. Snowden's remark comes just days after US Federal Reserve Chair Jerome Powell reaffirmed to the crypto sector that the central bank has no intentions on banning digital assets.
On Tuesday, October 4, Snowden shared an old tweet from March 13, 2020 — when he had confessed that he finally wanted to buy Bitcoin. He tweeted that sometimes he wonders how many people bought Bitcoin in March 2020 — when the value of the cryptocurrency dropped by around 48 percent, bringing its price range to between $3,000 (roughly Rs. 2 lakhs) and $5,000 (roughly Rs. 4 lakhs), as recorded by BitcoinPrice.com.
If you had purchased one Bitcoin on March 13, 2020, for $3,000, today would have a profit of around $46,000 (roughly Rs. 34 lakhs) — clocking a sizeable profit.
Sometimes I think back to this and wonder how many people bought #Bitcoin then.— Edward Snowden (@Snowden) October 3, 2021
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
The responses on Snowden's tweet — that has been liked and re-tweeted by thousands since being posted — appear mixed. The supporters of cryptocurrencies however, applauded Snowden for batting in favour of Bitcoin.
Trust a whistleblower!— BowTiedGonzales.eth (@BowTiedGonzales) October 4, 2021
Maybe a modern times superhero! https://t.co/HM3ulykhoW
Snowden, guardian of public privacy has spoken.#BTC supports the people of corrupt countries and gives power to the people and takes back financial power from politicians and banks.— Gabriel Kvål | ₿Ξ₮₳ (@GabrielKvaal) October 4, 2021
In #Bitcoin we trust! ???? https://t.co/lmNqpEkByh
In recent days, crypto-supporters have raised their voices to back the “future of digital payments”. Last week, for instance, Elon Musk said that cryptocurrencies cannot be destroyed.
American private equity form owner Orlando Bravo said that these decentralised and unregulated cryptocurrencies will grow into giving young people their own, customised financial systems in the future.
Noted venture capitalist Chamath Palihapitiya also recently said in an interview that Bitcoin is the modern-day replacement of gold.
The negative environmental impact of crypto mining however, has emerged as a matter of concerns among several countries around the world including China.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.