Regulation

Bitcoin Strengths Despite The Increasing Regulatory Regulations – Edward Snowden.

The famous author referred to his statement on Bitcoin from March 2020 during the “Black Thursday” events.

Edward Snowden has exacerbated the uncertainty of Bitcoin (BTC) even though there has been an increase in regulatory cryptocurrency regulation around the world.

Responding on Sunday, the former United States Central Intelligence Agency spokesman said Bitcoin has become stronger after government policies and anti-crypto policies.

Snowden’s tweet reverts to a comment dated March 13, 2020, amid the fall of Black Thursday, which saw crypto and equity markets tank amid fears of the coronavirus pandemic.

As Cointelegraph reported at the time, Snowden was not surprised by the 50% drop in bitcoin, saying it was the first time he “feels to buy BTC.”

“It has increased ~ 10x, despite a concerted effort by governments to undermine public understanding and support for cryptocurrency,” Snowden said on Sunday.

During the Black Thursday crash of March 2020, bitcoin fell to $3,800 but has since moved to a new all-time high of around $64,800.

Trading more than $ 47,000 at the time of publication, the BTC property price has increased more than 10x from Snowden’s tweet in March 2020.

Indeed, 2021 has been the year of widening bitcoin and crypto crackdowns, particularly in China with authorities in Beijing preceding negative cryptocurrency policies.

Many bitcoin miners have moved out of China, moving their hardware overseas. The shutdown of crypto mining activity in China has also temporarily led to a sharp drop in the BTC hash rate.

The anti-Bitcoin sentiment is also rampant in Washington, with some members of Congress making negative rhetoric about cryptocurrencies and even calling for stricter laws.

Regulators such as US Securities and Exchange Commission Chairman Gary Gensler have also pushed for more stringent cryptocurrency laws, which critics say could derail digital innovation in the US.

Meanwhile, bitcoin adoption continues to rise, with nation-states also coming into the mix. El Salvador recently made history as the first country to accept BTC as legal tender, which could have significant implications for Central and South America.

Snowden has also previously commented on El Salvador’s bitcoin law, stating that other countries may be encouraged to accept BTC as a reserve asset.

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