The CIA whistle-blower, and journalist, Edward Snowden, has been an active member of the crypto community since governments began crackdowns globally. Earlier today, Snowden tweeted in a thread to his year-old tweet about Bitcoin’s crash in lieu of governments’ crypto crackdown. Snowden also called back on his earlier tweet when bitcoin had dropped to nearly $4000 in 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 called the government’s efforts to crack down on crypto futile.
Edward Snowden stated that upon looking back at the drop, he realized that in the present, Bitcoin had risen ten times since its 2020 drop. He further highlighted that governments’ efforts at cracking down the inevitable crypto were futile, referencing China’s Bitcoin Ban and reiterating that the ban made BTC stronger than ever. Regardless of the consistent crackdowns, Bitcoin appears to be running a bull in the fourth quarter after its September bear. In the first four days of October 2021, BTC is already up by nearly ~10%. Other altcoins have also gained substantially this month.
China bans cryptocurrenceis.
The long-term Chinese Crypto crackdown is not news anymore. The authoritarian government broke the crypto community in the nation by attacking crypto businesses in metropolitans first and further moving down to the smaller provinces. The Chinese government is holding a rather successful position, from shutting down hundreds of mining farms and exchanges to bankrupting individual retailers by levying crypto trading and mining in China as illegal. As reported earlier, two of the world’s largest cryptocurrency exchanges, Huobi and Binance, gave up the fight for crypto in the Chinese territory. Huobi announced the suspension of new account openings for China users and further confirmed the closure of even the existing accounts in the arena by midnight on Dec. 31, 2021.