Connect with us

Tech & Gadgets

Edward Snowden Says China’s Crypto Crackdown Has Made Bitcoin Stronger

Published

on

Edward Snowden tweeted that China’s sweeping ban on crypto really made bitcoin stronger. The NSA-whistleblower noted that its value only increased – bitcoin began trading at Rs. 36,53,453 (about $49,285) on Monday, October 4th, represents an overall increase in its exchange value after a volatile week that was stirred by China’s anti-crypto decision. Snowden’s comments come just days after US Federal Reserve Chairman Jerome Powell confirmed to the crypto sector that the central bank has no intention of banning digital assets.

On Tuesday, October 4, Snowden shared an old tweet from March 13, 2020 – when he admitted that he eventually wanted to buy bitcoin. He tweeted that sometimes he wonders how many people bought bitcoin in March 2020 – when the value of the cryptocurrency fell by almost 48 percent, with a price range of $3,000 (approximately Rs 2 lakh) and $5,000 (approximately Rs 4 lakh). ) between , as recorded by BitcoinPrice.com.

If you had bought one bitcoin for $3,000 on March 13, 2020, you would have made a profit of about $46,000 (about Rs 34 lakh) today – a huge profit.

Reactions to Snowden’s tweets – which have been liked and re-tweeted by thousands since they were posted – appear mixed. However, supporters of the cryptocurrency applauded Snowden for battling in favor of bitcoin.

In recent days, crypto-supporters have voiced their support for the “future of digital payments”. For example, last week, Elon Musk said that cryptocurrencies cannot be destroyed.

Orlando Bravo, owner of US private equity form, said that these decentralized and unregulated cryptocurrencies will grow into giving young people their own, customized financial system in the future.

Noted venture capitalist Chamath Palihapitiya also said in a recent interview that bitcoin is a modern-day replacement for gold.

However, the negative environmental impact of crypto mining has emerged as a concern in many countries around the world, including China.


Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.

.

p

Copyright Indian Lekhak Limited 2021. All Rights Reserved