Crypto ban in China made Bitcoin stronger – Edward Snowden


TL;DR Breakdown

  • China crypto ban has made BTC stronger says Edward Snowden.
  • Despite China intensified crypto action, prices continue to recover.
  • How Snowden became famous after leaking government secret.

Edward Snowden, a journalist famous for whistleblowing, has said that the continuous effort by China to crackdown on cryptocurrencies has made Bitcoin stronger.

He said this on Tuesday in a Twitter post, noting that Bitcoin value has surged with the attempt by Chinese authorities to crack down on crypto.

Bitcoin opened trading at 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 actions.

The famous whistleblower (Edward Snowden), while stressing his statement that the crackdown has only increased crypto value, shared an old tweet from March 13, 2020, again. Then, he said he wanted to invest in Bitcoin and tweeted that sometimes, he wondered how many people staked on crypto in March 2020 when BTC value dropped to $3,000 to $5,000.

With BTC value edging in on $50,000 today, those who invested in BTC back in 2020 have accumulated a profit of around $46,000.

China and continued crypto crackdown

China has been against crypto for almost 10 years now. However, Chinese authorities reinforced the fight against crypto this year. In May, the country reiterated its ban and also intensified it by going after miners. Many of them had to close their services or relocate to other, more friendly environments.

Weeks back again, the Peoples Bank of China (PBOC) prohibited all local organizations from dealing with companies associated with the digital asset space in an intensified effort to crackdown on crypto.

The crackdown has led to a drop in crypto prices at different times. However, crypto prices recover afterward, which makes Edward Snowden suggest that crypto have become stronger despite China’s crackdown.

Edward Snowden big break in 2013

The famous whistleblower came to limelight back in 2013 when he exposed and leaked numerous classified documents from the National Security Agency, where he worked at that time.

He leaked documents, including proof of mass government surveillance, espionage, computer hacking, phone tapping, and more. He later revealed that he used Bitcoin to help him reveal the stolen documents. He noted in an interview that servers he used to transfer this information to journalists were paid for using BTC.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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