According to Edward Snowden, China’s complete prohibition on cryptocurrency actually strengthened Bitcoin. Bitcoin started trading at Rs. 36,53,453 (approximately $49,285) on Monday, October 4, reflecting an overall gain in its exchange value following an unsettled week sparked by China’s anti-crypto move, according to the NSA whistleblower. Snowden’s statement comes just days after US Federal Reserve Chair Jerome Powell told the crypto community that the central bank had no plans to prohibit digital currencies.
On October 4, Snowden retweeted an old tweet from March 13, 2020, in which he admitted that he had finally decided to acquire Bitcoin. He stated that he occasionally wonders how many people purchased Bitcoin in March 2020, when the cryptocurrency’s value plummeted by about 48 percent, lowering its price range to $3,000 (approximately Rs. 2 lakhs) and $5,000 (roughly Rs. 4 lakhs), according to BitcoinPrice.com.
If you bought one Bitcoin for $3,000 on March 13, 2020, you would have made a profit of about $46,000 (around Rs. 34 lakhs) today – a sizable profit.
The reactions to Snowden’s tweet, which has received hundreds of likes and retweets since it was posted, are divided. Cryptocurrency advocates, on the other hand, praised Snowden for advocating for Bitcoin.
Crypto enthusiasts have recently raised their voices in favor of the “future of digital payments.” Elon Musk, for example, stated last week that bitcoins cannot be destroyed.
In the future, these decentralized and uncontrolled cryptocurrencies, according to American private equity firm owner Orlando Bravo, will evolve into providing young people their own, personalized financial systems.
In a recent interview, noted venture investor Chamath Palihapitiya stated that Bitcoin is the modern-day substitute for gold.
However, the detrimental environmental effect of crypto mining has been a source of worry in a number of nations across the world, including China.