China’s Ban on Bitcoin Made It Stronger: Edward Snowden

5 October 2021 | Updated: 5 October 2021

Popular American whistleblower Edward Snowden had some positive comments on Bitcoin (BTC) and the crypto industry in a recent tweet. The former CIA computer intelligence consultant tweeted that:

“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.”

Snowden, famous for leaking top-secret documents about the US government’s mass surveillance programs, asserts that China’s recent ban (its harshest so far) has only made Bitcoin stronger.

As we reported earlier, the BTC hash rate has recorded a full recovery since the departure of crypto miners from China earlier this year, which triggered a crash in the hash rate. At press time, the primary cryptocurrency has climbed back above $50,000.

Snowden, who received permanent residency rights in Russia last year, tweeted about purchasing BTC in March 2020 after witnessing a 50% crash on “Black Thursday.” The whistleblower argued that the flagship cryptocurrency has recorded a ten-fold spike since then, despite “a coordinated global campaign” to impede the growth of cryptos.

“Bitcoin is Not Out of the Woods Yet”: Snowden

While it appears as though governments have given up their attempts to undermine the progress of BTC after failed attempts, Snowden has warned that “crypto is not out of the woods just yet.”

Replying to a Twitter user who noted Trust governments are only “delaying the inevitable,” the famous whistleblower asserted that “it’s not over until it’s over,” implying that governments could decide to ban Bitcoin just as they did gold.

Similarly, veteran hedge fund manager Ray Dalio recently stated that there exists a good possibility of the government outlawing BTC just like it once outlawed gold.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.