Edward Snowden critiques China’s vain efforts to ban Bitcoin

By Palak Malhotra
Published October 4, 2021 Updated October 4, 2021
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Edward Snowden critiques China’s vain efforts to ban Bitcoin

By Palak Malhotra
Published October 4, 2021 Updated October 4, 2021

The CIA whistle-blower, and journalist, Edward Snowden, has also been an active member of the crypto community since governments began crackdowns, globally. Earlier today, Snowden tweeted in a thread to his year-old tweet about Bitcoin’s crash in lieu of governments’ crypto crackdown.

He stated that upon looking back at the drop, he realized that in the present, Bitcoin has risen 10 times since its 2020 drop. He further highlighted that governments’ efforts at cracking down the inevitable crypto were futile, referencing China’s Bitcoin Ban, and reinstating that the ban made BTC stronger than ever.

Bitcoin outperforms all

Regardless, the consistent crackdowns, Bitcoin appears to be running a bull in the fourth quarter after its September bear. In the first four days of October 2021, BTC is already up by nearly ~10%. Coingape coverage notes that despite September’s price correction, the BTC miner revenue hiked last month. Bitcoin miners earned profits at a rate of $40M/day for the last month.

China Bitcoin Ban

The long-term Chinese Crypto crackdown is not news anymore. The authoritarian government broke the crypto community in the nation by attacking crypto businesses in metropolitans first, and further moving down to the smaller provinces. The Chinese government is currently holding a rather successful position. From shutting down hundreds of mining farms, and exchanges, to bankrupting individual retailers by levying crypto trading and mining in China as illegal.

Last month, two of the world’s largest cryptocurrency exchanges, Huobi and Binance gave up the fight for crypto in the Chinese territory. Huobi announced the suspension of new account openings for mainland China users, and further confirmed the closure of even the existing accounts in the arena by midnight on Dec. 31, 2021. Along with Huobi, Binance exchange also announced banning account registrations using Chinese mobile phone numbers through the Binance app or website. Furthermore, Binance also reinstated that it is unavailable for download in China.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
301 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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