World-famous whistleblower notes that bitcoin trading is rising significantly despite a ‘coordinated global campaign’ to undermine it
US whistleblower Edward Snowden commented on Bitcoin’s resilience in his latest tweet.
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
The former NSA contractor who leaked top-secret documents about government mass surveillance programs believes that China’s toughest crypto ban to date has made Bitcoin stronger.
According to a U.Today report, Bitcoin hashrate managed to fully recover from the Chinese government in almost all cryptocurrency mining operations earlier this year. The price of the largest cryptocurrency also crossed the $49,000 mark on October 3.
Snowden, who received permanent residence rights in Russia last October, famously tweeted about buying bitcoin back in March 2020 after the major cryptocurrency crashed more than 50 percent on Black Thursday.
The 38-year-old whistleblower notes that the cryptocurrency has seen a tenfold increase since then despite a “coordinated global campaign” to undermine crypto growth.
“It’s not over until it’s over”
Given Bitcoin’s excellent track record of coming back from the dead, it might seem that governments are already waving a white flag.
However, Snowden believes that the cryptocurrency is not out of the woods yet.
In response to a Twitter user who claims that governments are “delaying the inevitable,” he said that it “won’t end until it’s over,” meaning that governments could end up banning bitcoin the way they ban gold.
In 1933, President Franklin Delano Roosevelt banned gold ownership. The ban wasn’t rescinded until President Gerald Ford saw a defender of gold on television who convinced him to put an end to the unnecessary limit in 1971.
As reported by U.Today, legendary hedge fund manager Ray Dalio recently said that there is a good possibility that the government will ban Bitcoin just as it once banned gold.