Edward Snowden, the former United States Central Intelligence Agency agent, has said that Bitcoin has gotten stronger on the back of government bans and anti-crypto policies.
It has been reported that 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.”
However, 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.
The report said that 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.
Likewise, 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 US Securities and Exchange Commission, have also pushed for more stringent cryptocurrency laws that critics say could derail digital innovation in America.
It has been analyzed that 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.
Thus, 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.