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Edward Snowden: Bitcoin got stronger despite government crackdowns

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Edward Snowden, a former employee of the United States National Security Agency and the Central Intelligence Agency (CIA), said that China’s repression of the cryptocurrency industry “only strengthened” Bitcoin (BTC).

Snowden retweeted his own statement from March 2020 about wanting to buy the first cryptocurrency and noted the tenfold growth of the asset since then.

“Since then, it (Bitcoin) has grown by about 10 times. Despite a coordinated global campaign by governments to undermine public understanding and support for cryptocurrencies,” he wrote.

The ban on cryptocurrencies threatens innovation

a professor of practice in 4IR at the University of
Johannesburg’s Postgraduate School of Engineering Management
Rabelani Dagada

Earlier, Rabelani Dagada, a professor at the University of Johannesburg in South Africa, called resistance to the development of digital assets useless. In his opinion, the ban on cryptocurrencies threatens innovation. For example, Dagada mentioned the Libra project. It was a global stablecoin backed by a basket of currencies and other assets. Thus, after the announcement in 2019, the team was hit by a barrage of criticism from regulators.

In April 2020, the association abandoned the original concept. Later in May, Facebook renamed the digital wallet for stablecoin from Calibra to Novi. Moreover, in December of the same year, Libra Association changed its name to Diem Association.

“To fully assess the level of rejection of digital currencies by regulators. It is enough to study their attitude to the Facebook cryptocurrency called Diem”. The professor wrote.

Chinese authorities open up new opportunities

Recall, Republican Senator Pat Toomey said that the opposition to digital assets by the Chinese authorities opens up new opportunities for the United States in the crypto industry.

The senator stressed that economic freedom leads to faster growth and a higher standard of living for everyone. “Beijing is so hostile to economic freedom. That it cannot even tolerate the participation of its people in the most exciting innovation,” he added.

Tumi made a statement against the background of attempts by the People’s Bank of China to recognize the illegal activities of platforms that provide the exchange of cryptocurrencies among themselves or for fiat. In addition, against the background of news about the tightening of regulation, Bitcoin fell below $42,000.

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