Edward Snowden Says: Bitcoin Is Getting Stronger Despite Government Raids

Edward Snowden touted the defragmentation of Bitcoin (BTC) despite increasing regulatory scrutiny of the cryptocurrency around the world.

Tweet On Sunday, a former Central Intelligence Agency (CIA) employee claimed that BTC had gotten stronger thanks to government bans and anti-crypto guidelines.

The referential comments on Snowden’s tweet were made on March 13, 2020 amid the turmoil of the Black Thursday decline that sparked a rebound in crypto and equity markets amid coronavirus pandemic concerns.

As Cointelegraph reported at the time, Snowden was unimpressed by the 50% decline in Bitcoin and said it was the first time he “felt like buying BTC”.

“Has increased ~ 10-fold since then, despite a coordinated global government campaign to undermine public understanding – and support for – cryptocurrencies,” Snowden tweeted Sunday.

BTC fell to $ 3,800 during the Black Thursday crash in March 2020, but has since hit new all-time highs of around $ 64,800.

The BTC spot price was trading above $ 47,000 at press time and has increased more than ten-fold since Snowden’s tweet in March 2020.

In fact, 2021 is a year that will undo bitcoin and crypto crackdowns, especially in China, as Beijing authorities crack down on negative crypto policies.

Some bitcoin miners have left China and moved their hardware overseas. The shutdown of crypto mining in China even temporarily led to a massive drop in the BTC hash rate.

Related: Speak Up: China’s Crypto Ban Could Expose Yuan CBDC Digital Targets

Anti-Bitcoin sentiments seem to be widespread in Washington as well, as some members of Congress advocate negative rhetoric about cryptocurrencies while calling for stricter laws.

Regulators like Gary Gensler, chairman of the U.S. Securities and Exchange Commission, have also pushed for stricter crypto laws that critics say could ruin digital innovation in the U.S.

Meanwhile, Bitcoin adoption continues to grow, with countries even merging with one another. El Salvador recently made history as the first country to accept BTC as legal tender, which could have a significant impact on Central and South America.

Snowden has even previously commented on El Salvador’s Bitcoin law, stating that other countries could be encouraged to accept BTC as a currency reserve.