Famous whistleblower Edward Snowden has joined the list of people who believe that the Chinese ban on bitcoin will actually benefit the cryptocurrency. He also recently wrote about the price of BTC, which is about 10 times higher than the last time he did.
Chinese ban is good for Bitcoin
Although the world’s most populous country has been against the cryptocurrency industry for nearly a decade, the country has taken its hostile stance a step further this year. Back in May, it repeated its ban but also tightened it by hunting down miners, many of whom had to shut down their services or move to other, friendlier environments.
Later in September, China’s central bank also banned all domestic organizations from doing business with companies linked to the digital asset space. To some extent expected, these developments led to lower prices in the short term for BTC and the rest of the market, although it is not entirely new.
Edward Snowden, perhaps the most famous whistleblower of our generation, had a say in the matter. He took it to Twitter to point out that this Chinese ban “has made Bitcoin stronger.”
Sometimes I think about it and wonder how many people have bought # bitcoin Then.
It has gone up to 10x since then, despite a coordinated global campaign by governments to undermine public understanding and support for cryptocurrencies.
China even banned it, but it only made Bitcoin stronger. https://t.co/pbnOFGfaVf
– Edward Snowden October 3, 2021
Snowden also talked about Bitcoin price movements since last March when it plunged below $4,000 during the market crash caused by COVID-19. At the time, he tweeted about buying more parts than the original because that 50% daily drop was “a big panic, very little reason”.
Being over 10x since then is a milestone of its own, especially considering the fact that BTC was (again) banned in China during this time frame.
Thus, the number of people who believe that the Chinese ban will benefit Bitcoin is constantly increasing, with some even asserting that other countries, such as the United States, can benefit from it.
History of BTC Snowden
Snowden made headlines in 2013 when he stole and leaked several classified documents from the National Security Agency, which was his workplace at the time. That included evidence of mass government surveillance, espionage, computer hacking, phone tapping, and more.
Later, he admitted that he used bitcoin to help him uncover the stolen documents. He noted in an interview, “The servers I used to pass this information on to journalists were paid for using bitcoin.”
However, he also criticized the BTC blockchain for “absorbing in many ways, such as financial privacy.”
Featured image courtesy of DW
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