Bitcoin Became Stronger After China’s Crypto Crackdown: Edward Snowden

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.

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

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!
Maybe a modern times superhero! https://t.co/HM3ulykhoW

— BowTiedGonzales.eth (@BowTiedGonzales) October 4, 2021

Agreed, #Bitcoin and the community we’ve build up to support it is only getting stronger and stronger for each day, hour, minute https://t.co/84Kki9qOFb

— CryptoLead (@Adamchefen) October 4, 2021

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.

In #Bitcoin we trust! ???? https://t.co/lmNqpEkByh

— Gabriel Kvål | ₿Ξ₮₳ (@GabrielKvaal) October 4, 2021

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.