Bitcoin got stronger despite government crackdowns, says Edward Snowden

Edward Snowden has touted the antifragility of Bitcoin (BTC) despite increasing regulatory scrutiny on cryptocurrencies around the world.

Tweeting on Sunday, the former United States Central Intelligence Agency agent stated that Bitcoin has gotten stronger on the back of government bans and anti-crypto policies.

Snowden’s tweet referenced remarks made back on March 13, 2020, amid the throes of the Black Thursday decline that saw crypto and equity markets tank amid fears of the coronavirus pandemic.

As reported by Cointelegraph at the time, Snowden was unfazed by Bitcoin’s 50% drop, stating that it was the first time he “felt like buying Bitcoin.”

“It’s up ~10x since, despite a coordinated global campaign by governments to undermine public understanding of—and support for—cryptocurrency,” Snowden tweeted on Sunday.

During the Black Thursday crash of March 2020, Bitcoin slipped to $3,800 but has since gone on to set a new all-time high of about $64,800.

Trading above $47,000 as of press time, the BTC spot price has increased more than 10 times since Snowden’s tweet back in March 2020.

Indeed, 2021 has been a year of sweeping Bitcoin and crypto crackdowns, especially in China with authorities in Beijing upping the ante on negative cryptocurrency policies.

Several Bitcoin miners have exited China, moving their hardware to locations overseas. The shutdown of crypto mining activity in China even temporarily caused a massive decline in the Bitcoin hash rate.

Related: Actions speak: China’s crypto ban may reveal digital yuan CBDC goals

Anti-Bitcoin sentiments also seem rife in Washington, with some members of Congress espousing negative rhetoric about cryptocurrencies while also calling for stricter laws.

Regulators such as Gary Gensler, chairman of the U.S. Securities and Exchange Commission, have also pushed for more stringent cryptocurrency laws that critics say could derail digital innovation in America.

Meanwhile, Bitcoin adoption continues to grow, with nation-states even getting into the mix. El Salvador recently made history as the first country to accept BTC as legal tender in a move that could have significant implications across Central and South America.

Snowden has even previously commented on El Salvador’s Bitcoin Law, stating that other nations could become incentivized to accept BTC as a reserve asset.

Source: Read Full Article