US Whistleblower Edward Snowden Says China’s Crypto Ban Has Boosted Bitcoin | Currency News | Financial and business news

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Edward snowden

Piaras Mdheach / Getty Images

U.S. whistleblower Edward Snowden believes China’s recent ban on cryptocurrency trading and mining only served to bolster bitcoin, according to one of his tweets on Sunday.

Snowden – a former U.S. National Security Agency contractor who rose to fame when he leaked a number of NSA documents in 2013 – is the managing director of Freedom of Press, an organization that works for protect whistleblowers and accept crypto donations.

China announced it would ban all crypto activity on September 24. At the time, the news had only lowered bitcoin by 6% to nearly $ 40,000, as the market had already largely taken into account the risk of tighter restrictions after a series of government crackdowns in may. .

“China even banned it, but that only made bitcoin stronger,” Snowden said in a tweet, saying there has been a global campaign by governments to undermine public support and understanding of the digital currencies.

Tweet from Edward Snowden

Edward Snowden Twitter

Bitcoin is the most traded cryptocurrency, with a market cap of $ 895 billion, according to Coinmarketcap. The coin was last down 1% on the day to trade around $ 47,550 at 7:37 a.m. ET on Monday, according to Bitfinex. It has gained around 65% so far this year and almost 350% in the last 12 months.

Snowden was retweeting one of his posts from March 2020, when stocks, cryptocurrencies, commodities and other assets collapsed, when the pandemic forced the global economy to almost come to a halt.

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