According to Edward Snowden, a whistleblower in the United States, the recent Chinese ban on mining and trading cryptocurrencies has made bitcoin stronger. This is according to his tweet on Sunday.
Snowden, a former contractor to the US National Security Agency who gained fame after leaking a number of NSA documents to the media in 2013, is now the chief executive of Freedom of Press. This organization works to protect whistleblowers. It also accepts donations.
China announced that it would ban crypto activity starting September 24. The news sent bitcoin down just 6% to hover around $40,000 at the time. This was because the market had already considered the possibility that tighter restrictions would be imposed after a series government crackdowns in May.
Snowden tweeted, “China even banned it but it just made Bitcoin stronger,” claiming that there was a global campaign of governments to undermine public support for digital currencies.
According to coinmarketcap, Bitcoin is the most traded cryptocurrency with a market capital of $895 billion. At 07:37 AM, the coin had fallen 1% to trade at $47,550. Bitfinex reports that Monday is ET. It has gained about 65% this year, and almost 350% over the past 12 months.
Snowden retweeted a post from March 2020 when stocks, cryptocurrencies and commodities crashed. The pandemic brought an end to global economic activity.