China's ban has made Bitcoin even stronger, says Edward Snowden

China's ban has made Bitcoin even stronger, says Edward Snowden - external 2Popular whistleblower Edward Snowden has joined the list of people who believe China's ban on Bitcoin will actually benefit cryptocurrency. He also recently wrote about the price of BTC, which is around 10 times higher than the last time he did it.

The Chinese ban is good for Bitcoin

Although the world's most populous nation has been opposed to the cryptocurrency industry for nearly a decade, the country took another step in its hostile stance this year. In May, he not only reiterated the ban, but also escalated it by chasing miners, many of whom had to shut down their services or relocate to other, more friendly environments.

Later in September, China's central bank also banned all local organizations from dealing with companies associated with the digital asset space. Somehow predictably, these developments have led to short-term price declines for BTC and the rest of the market, even if they're not exactly new. This was also one of the best times for buy Bitcoins

Edward Snowden, perhaps the most famous whistleblower of our generation, spoke on the matter. He took it to Twitter to indicate that this Chinese ban has "just made Bitcoin stronger".

Snowden also talked about BTC's price movements since last March, when it dropped below $ 4.000 during the COVID-19-induced market crash. Back then, he tweeted about buying multiple shares of the asset as this 50% daily drop was "too panic and too little motivated."

Being more than 10 times that value since then is an impressive milestone, especially considering the fact that BTC has been banned (again) in China in this time frame.

Therefore, the number of people who believe that the Chinese ban could actually benefit bitcoin continues to increase, with some even claiming that other nations, such as the United States, could benefit from it.

The history of BTC and Snowden

Snowden made headlines in 2013 when he stole and leaked numerous confidential documents from the National Security Agency, which was his workplace at the time. These included evidence of mass government surveillance, espionage, hacking, wiretapping, and more.

Later, he admitted that he used bitcoin to help him reveal the stolen documents. In an interview he said "the servers I used to transfer this information to reporters were paid for using bitcoins."

However, he also criticized the BTC blockchain as "it sucks in many ways, such as financial privacy".

In short, at the time the words spent on BTC were not exactly solemn, but he too seems to have retraced his steps and most likely will now have some bitcoins hidden under the tile.