Edward Snowden critiques China’s wasted efforts to ban Bitcoin

Edward Snowden, former Central Intelligence Agency (CIA) information breacher and journalist, has been giving statements since different governments started targeting crypto. Today, on Twitter, he tweeted a thread on a year-old tweet. The tweet was about the effects of governments on Bitcoin and its crash.

https://twitter.com/Snowden/status/1444794906967486469

He said he saw that Bitcoin has now increased 10 times from the fall of 2020 when he looked back at the dip. He also stressed that the efforts by the governments to clamp down the inevitable cryptograph were useless, referring to China’s Bitcoin prohibition and reaffirming that the ban strengthened BTC.

Bitcoin overcomes all the suppressions

Nevertheless, the constant repression, Bitcoin seems to run a bull after its September bear in the fourth trimester. BTC has already grown by around ~10% in the first four days of October 2021. The coverage of Coingape highlights that BTC miner’s income rose last month despite price adjustment. For the past month, Bitcoin miners have earned a profit of $40M/day.

The Chinese actions regarding crypto suppression are not new. By first targeting crypto companies in metropolitans and then shifting to little provinces, the authoritarian government controlled the crypto community in the nation. Today, the Chinese government holds an excellent position from the closure of hundreds of mines and exchanges, through making levying and mining of crypto illegal in China, to the bankruptcy of individual retailers.

Last month, Huobi and Binance lost the struggle for crypto in China. These are the two largest cryptocurrency exchanges in the world. 

Huobi said that new account openings would be suspended for China’s mainland customers, while at midnight, Huobi further indicated that it would be closing even existing accounts on 31 Dec. 2021. In addition to Huobi, Binance has also announced that it prohibits the use of Chinese mobile numbers while using the Binance application or the website. In addition, Binance added that it is unavailable in China for download.