Edward Snowden: China Banning Bitcoin Just Made It Stronger

Bitcoin’s BTC/USD price has increased tenfold despite being attacked by governments across the world, says CIA agent turned whistleblower Edward Snowden.

What Happened: In a tweet on Sunday, Snowden highlighted the market-leading cryptocurrency’s monumental price increase since March 2020.

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 referenced a tweet from March 13, 2020, when Bitcoin crashed by nearly 40% from ahead of $8,000 to a low of $4,900.

Supposedly, this was when the former CIA agent felt like buying Bitcoin again “for the first time in a while.” Bitcoin is trading at $48,900 this week, meaning Snowden, and others who invested during the 2020 crash, have gained at least 900% on their investment.

“It's up ~10x since, despite a coordinated global campaign by governments to undermine public understanding of—and support for—cryptocurrency,” said Snowden.

“China even banned it, but it just made Bitcoin stronger.”

Bitcoin tumbled 6% on September 24, when the People’s Bank of China reiterated a ban on the digital asset.

The cryptocurrency has since recovered 20% of its value, demonstrating its resilience in the wake of a government crackdown to some market proponents like Snowden.

Last month, Snowden praised El Salvador’s efforts in adopting Bitcoin as legal tender and warned that latecomers to do so would regret hesitating.

Price Action: Bitcoin was trading at $48,900 gaining 0.4% over 24-hours.

Photo: Executium on Unsplash.