Edward Snowden: Banning Cryptocurrencies In China Will Only Strengthen Bitcoin

Former CIA and NSA officer Edward Snowden saw positive consequences for Bitcoin and the entire cryptocurrency industry in the total Chinese ban.

In mid-March 2020, when the main cryptocurrency on the market fell below $4,470 on the largest exchanges, Snowden wrote that this fall prompted him to seriously consider buying Bitcoin for the first time. The reason was mainly the scale of the general panic in the crypto community due to the insignificant drop in duration.

Snowden stressed that not much time has passed since his 2020 tweet, and Bitcoin has increased its value tenfold, without looking back at all those regulatory measures that were applied by international agencies in relation to it. The current confrontation between Bitcoin and China, according to the informant, will lead to the fact that the cryptocurrency will only strengthen its current position.

Snowden's view that China's bans open up many emerging market prospects for other countries is also supported by Republican Senator Pat Toomey. Earlier, he said that thanks to the confrontation between China and Bitcoin, there are even more opportunities for the United States associated with a new asset class. He also stressed that the government of the Celestial Empire does not accept economic freedom so much that it is ready to refuse the participation of the country's citizens in "the most exciting financial innovation in recent decades."

Earlier, Toomey called on the American authorities to adapt the existing legislation for the digital currency industry instead of “stifling” them, and even became a co-author of the “friendly cryptocurrency amendment”. In it, a group of senators proposed to exclude node operators, miners, software developers, and several other categories of representatives of the crypto industry from the infrastructure financing plan.

Bitcoin itself, meanwhile, is doing great, showing a bouncy bullish sentiment on CoinMarketCap. In the first days of October, it added about 10% in price and rose from $41,230 on Huobi on September 29 to $48,170 today. At the same time, its market capitalization is steadily approaching the $900 billion mark.

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