Popular whistleblower Edward Snowden has joined the list of people who believe China’s Bitcoin ban will actually benefit cryptocurrency. He also recently wrote about BTC’s price, which is roughly 10x higher than the last time he did.
Chinese ban is good for Bitcoin
Although the world’s most populous nation has been against the cryptocurrency industry for nearly a decade, the country has taken its hostile stance one step further this year. Back in May, it reiterated its ban but also intensified it by going after miners, many of whom had to close their services or relocate to other, more friendly environments.
Later in September, China’s central bank also banned all local organizations from doing business with companies associated with the digital asset space. Somewhat expectedly, these developments led to short-term price drops for BTC and the rest of the market, even though they are not exactly new.
Edward Snowden, perhaps the most famous whistleblower of our generation, has weighed in on the issue. He took it to Twitter to indicate that this Chinese ban has “just made Bitcoin stronger.”
Snowden also spoke about the price movements of BTC since last March, when it fell below $ 4,000 during the COVID-19-induced market crash. Back then, he tweeted about buying more portions of the asset as this 50% daily drop was “too much panic and too little reason.”
Being over 10 times higher since then is an impressive milestone in itself, especially since BTC was banned (again) in China during that time.
Thus, the number of people believing that the Chinese ban would actually benefit bitcoin continues to increase, with some even asserting that other nations, like the US, could take advantage of this.
The history of Snowden’s BTC
Snowden made headlines in 2013 when he stole and disclosed numerous classified documents from the National Security Agency, which was his workplace at the time. Those included proof of mass government surveillance, espionage, computer hacking, phone tapping, and more.
He later admitted to using bitcoin to help him reveal the stolen documents. He noted in an interview, “the servers that I used to transfer this information to journalists were paid for using bitcoin.”
However, he also criticized BTC’s blockchain because it “sucks in a lot of ways, like financial privacy.”
