Edward Snowden sees China’s crackdown on crypto as a boon for Bitcoin

The former employee of the U.S. National Security Agency and the CIA, Edward Snowden, said that repressions by the PRC against the cryptocurrency industry have “only strengthened Bitcoin.”

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. https://t.co/pbnOFGfaVf

— Edward Snowden (@Snowden) October 3, 2021

Snowden retweeted his own March 2020 post about his intention to buy the first cryptocurrency and noted that the asset had risen tenfold since then.

“Since then, Bitcoin has grown by roughly tenfold, despite a coordinated global campaign by governments to undermine public understanding and support for cryptocurrencies,” Snowden wrote.

Earlier, Professor Rabelani Dagada of the University of Johannesburg in South Africa called resistance to the development of digital assets futile. In his view, the ban on cryptocurrencies threatens innovation.

As noted, Republican Senator Pat Toomey said that the standoff with digital assets by Chinese authorities opens up new opportunities for the United States in the crypto industry.

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