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.

By Radhika Parashar | Updated: 5 October 2021 10:43 IST

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

Highlights

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.

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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.

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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.

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Further reading: Bitcoin, Edward Snowden, China, Crypto Ban, Cryptocurrency, Cryptocurrency News, Cryptocurrency Price, Cryptocurrency Market, Cryptocurrency Price in India, Cryptocurrency Exchange, Bitcoin Exchange, Bitcoin Prices, Bitcoin Price in India, Bitcoin Market, Cryptocurrency List

Radhika Parashar

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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