Edward Snowden Says China’s Crypto Crackdown Made Bitcoin Stronger

Despite China curbing crypto-related activities, the global crypto tech market is projected to reach the value of $2.3 billion, said a recent report.

Edward Snowden Says China’s Crypto Crackdown Made Bitcoin Stronger

Photo Credit: edwardsnowden.substack.com

Edward Snowden expressed support for Bitcoin after China's crypto crackdown

  • Edward Snowden has spoken in favour of Bitcoin
  • Snowden said China’s ban made the position of Bitcoin stronger
  • Snowden had posted in support of Bitcoin in 2020

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.

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.

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.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
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