China’s ban made Bitcoin even stronger, says Edward Snowden

China’s ban made Bitcoin even stronger, says Edward Snowden

Popular whistleblower Edward Snowden has joined the list of people who believe that China's ban on Bitcoin will actually benefit the cryptocurrency. He also recently wrote about the price of BTC being about 10x higher than last time.

The Chinese ban is good for Bitcoin

Although the world's most populous nation has been against the cryptocurrency industry for almost a decade, the country went a step further this year. Back in May, it repeated its ban, but also tightened it by going after miners, many of whom had to close their services or relocate to other, friendlier environments.

Later in September, so did China's central bank forbidden all local organizations from dealing with companies associated with the digital asset space. Somewhat expectedly, these developments led to short-term price declines for BTC and the rest of the market, although they are not exactly new.

Edward Snowden, perhaps the most famous whistleblower of our generation, has spoken out on the matter. He took it to Twitter to point out that this Chinese ban “has only made Bitcoin stronger.”

Sometimes I think back and wonder how many people bought #Bitcoin then.

It has since risen 10-fold, 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 (@Snowden) October 3, 2021

Snowden also spoke about the price movements for BTC since last March, when it fell below $4,000 during the COVID-19-induced market crash. At that time he tweeted about buy more portions of the asset as this 50% daily drop was “too much panic and not enough reason.”

Having risen more than 10-fold since then is an impressive milestone, especially given that BTC was (again) banned in China within that period.

Therefore, the number of people who believe that the Chinese ban would actually benefit Bitcoin continues to grow, and some even claim that other nations, such as the US, could exploit from this one.

Snowden's BTC story

Snowden made headlines in 2013 when he stole and leaked numerous classified documents from the National Security Agency, which was his workplace at the time. This included evidence of mass government surveillance, espionage, computer hacking, telephone tapping and more.

He later admitted that he used Bitcoin to uncover the stolen documents. In an interview, he noted: “The servers I used to deliver this information to journalists were paid for in Bitcoin.”

But he also has criticized BTC’s blockchain as it “sucks in many ways, such as financial privacy.”

Featured image courtesy of DW

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