Saturday, October 1, 2022

Edward Snowden Believe China’s Ban Enhances Bitcoin

The CIA whistle-blower and journalist, Edward Snowden, in his recent tweet has claimed that after China banned cryptocurrency in the country, Bitcoin has become stronger.

In March 2020, when the crypto market faced a crunch, Snowden tweeted, “This is the first time in a while I’ve felt like buying BItcoin. That drop was too much panic and too little reason.”

Yesterday, while quoting his own tweet of 2020, the former contractor for the U.S. National Security Agency, stated, “Bitcoin is up ~10 since, despite a coordinated global campaign by governments to undermine public understanding of—and support for—cryptocurrency.”

Snowden further tweeted that the restriction imposed by China on the crypto industry in the country has only made Bitcoin stronger.

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The CIA whistle-blower keeps sharing his view on Bitcoin and other cryptocurrencies, regularly. As the year 2021 started he lamented the cryptocurrency’s perceived lack of privacy.

A few months ago, while sharing his views in an Ethereal Summit, Snowden specified that Bitcoin’s design needs to become private to counter efforts against privacy coins like Monero.

Snowden told Marta Belcher, the digital privacy proponent, “Bitcoin is really failing comprehensively on the privacy angle. Now in 2021, everybody knows there’s a problem when we talk about digital surveillance.”

The former contractor for the U.S. National Security Agency is not very optimistic regarding the solution, but he believes that it could help Bitcoin to re-pivot to privacy.

In 2017, China, for the first time, imposed a ban on crypto trading activities in the country. Then, earlier this year, the government imposed a crackdown on crypto mining activities, claiming it (mining) has adverse effects on the climate.

The National Interest Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China lend their support to the Chinese Government.

They stated, “Recently, cryptocurrency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of people’s property and disrupting the normal economic and financial order.”

A month ago, China issued a notice stating that the increasing crypto trading activities in the country, disturbed the economic and financial order. The government further said that it also helped in breeding illegal activities like gambling, fraud, money laundering etc. 

As China intensified its crackdown on crypto-related activities, recently, the value of Bitcoin came down by almost 5 percent to $41,000. However, since then, Bitcoin has been able to recover its value and reached $47,600.

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