Former security expert Edward Snowden, who leaked details about the US’s eavesdropping and monitoring activities abroad, shared his views on Bitcoin and the Chinese ban in his latest Twitter post. Details are here.
Sometimes I think back to this and wonder how many people bought #Bitcoin then.
It’s ~10x since, despite a coordinated global campaign by 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
The former National Security Agency employee who leaked highly classified US government documents believes China’s toughest cryptocurrency ban to date has only made Bitcoin stronger.
Snowden announced that he invested in BTC after Bitcoin lost more than 50 percent in March last year. Today, quoting this post, he said:
“Sometimes I think about this and wonder how many people bought Bitcoin at the time. Despite a coordinated global campaign by governments to undermine public understanding and support for cryptocurrency, it has since grown nearly 10x. Even China banned it but made Bitcoin stronger.”
As we reported earlier, the Bitcoin hash rate experienced a huge drop after the Chinese government halted crypto mining operations earlier this year. However, current data shows that the hash rate has managed to recover. Besides, after the last Bitcoin ban, the price of the leading cryptocurrency also recovered and surpassed $49,000 on October 3. Many market experts expressed that they are not worried about the bans from China.
Given Bitcoin’s excellent track record of rebounding from steep declines, it may seem like governments are already capitulating. Still, Snowden doesn’t think crypto has passed the critical phase yet. In a response to a Twitter user claiming that governments are “postponing the inevitable,” he stated that “it’s not all over yet,” implying that governments could ban Bitcoin in the same way they ban gold.
Legendary hedge fund manager Ray Dalio recently said that the US is likely to ban Bitcoin the same way it once banned gold.