The popular whistleblower Edward Snowden has joined the list of people believing that the Chinese ban on Bitcoin will actually benefit the cryptocurrency. He also recently wrote about BTC’s price, which is roughly 10x higher than the last time he did.
The Chinese Ban is Good for Bitcoin
Although the world’s most populated nation has been against the cryptocurrency industry for almost a decade, the country took its hostile stance a step further this year. Back in May, it reiterated its ban but also intensified it by going after miners, many of whom had to close their services or relocate to other, more friendly environments.
Later in September, China’s central bank also prohibited all local organizations from dealing with companies associated with the digital asset space. Somewhat expectedly, these developments led to short-term price drops for BTC and the rest of the market, even though they are not exactly new.
Edward Snowden, perhaps the most famous whistleblower of our generation, weighed in on the matter. He took it to Twitter to indicate that this Chinese ban has “just made Bitcoin stronger.”
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
Snowden also spoke about the price movements for BTC since last March when it dipped below $4,000 during the COVID-19-induced market crash. Back then, he tweeted about buying more portions of the asset as this 50% daily drop was “too much panic and too little reason.”
Being more than 10x up since then is an impressive milestone of its own, especially given the fact that BTC was banned (again) in China within this timeframe.
Thus, the number of people believing that the Chinese ban would actually benefit bitcoin continues to increase, with some even asserting that other nations, like the US, could take advantage of this.
Snowden’s BTC History
Snowden made headlines back in 2013 when he stole and leaked numerous classified documents from the National Security Agency, which was his workplace at the time. Those included proof of mass government surveillance, espionage, computer hacking, phone tapping, and more.
Later on, he admitted that he used bitcoin to help him reveal the stolen documents. He noted in an interview, “the servers that I used to transfer this information to journalists were paid for using bitcoin.”
However, he has also criticized BTC’s blockchain as it “sucks in many ways, such as financial privacy.”
Featured Image Courtesy of DW