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The famous whistleblower referenced his statement about Bitcoin from March 2020 during the events of “Black Thursday.”
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.
Former Central Intelligence Agency (CIA) employee and famed whistleblower Edward Snowden commented on the implications of Bitcoin (BTC) being adopted as a currency by El Salvador yesterday. According to the cybersecurity expert, competing nations may regret hesitating to also adopt Bitcoin. “Bitcoin was formally recognized as legal tender in its first country. There is now […]
The post After El Salvador, Pressure Increases for Competing Nations To Acquire Bitcoin: Whistleblower Edward Snowden appeared first on The Daily Hodl.
El Salvador’s Bitcoin acceptance is a major win for the cryptocurrency industry, Cardano founder Charles Hoskinson believes.
Following El Salvador’s historic adoption of Bitcoin (BTC) as legal tender on Tuesday, Cardano founder Charles Hoskinson predicted that a lot more countries will eventually follow in the Latin American country's footsteps.
El Salvador’s Bitcoin acceptance further legitimizes the belief that people should be in control of their money, Hoskinson said in his “Congratulations Bitcoin” YouTube video on Sept. 7.
The Cardano founder expressed confidence that cryptocurrencies like Bitcoin are the future of money as the younger generation will inevitably trigger mass adoption of crypto. “The majority of people under the age of 25 have a positive view on cryptocurrencies, and a lot of them own them. That’s the future. Their children will grow up with those values and those beliefs about the nature of money” he said.
Hoskinson further predicted that more countries all over the world will move into the cryptocurrency industry by accepting crypto as part of diverse government structures, stating:
“In the coming years, many more nation-states will use crypto as part of their monetary policy, either as reserves in their central banks or using cryptocurrency rails for central bank settlements, or potentially just simply taking a cryptocurrency as El Salvador has done and make it the national currency.”
Related: Republic of Panama introduces bill for regulating crypto
Hoskinson is not alone in thinking that El Salvador’s Bitcoin adoption will eventually push more countries to dive into crypto:
Today Bitcoin was formally recognized as legal tender in its first country.
— Edward Snowden (@Snowden) September 7, 2021
Beyond the headlines, there is now pressure on competing nations to acquire Bitcoin—even if only as a reserve asset—as its design massively incentivizes early adoption.
Latecomers may regret hesitating https://t.co/mggfDk4v9z
On Sept. 7, El Salvador officially became the first country in the world to accept Bitcoin as the official currency, requiring all local merchants to accept Bitcoin as a means of payment. Bitcoin subsequently experienced a major flash crash, with its price plummeting from around $52,000 to as low as under $43,000 on Tuesday.