Former CIA employee and popular technical specialist Edward Snowden has voiced his opinion about the cryptocurrency industry and Bitcoin (BTC).
Snowden showed some optimism concerning the crypto market, he believes that BTC will be revived very soon and may eventually reach the levels that it previously got to towards the end of 2021.
In his Monday Twitter post, Snowden stated “for the first time in a while I’m starting to feel the itch to scale back in” with the Bitcoin price around $16,500.
While adding a disclaimer stating that his post is not a piece of financial advice, he mentioned that this is a good time to buy the BTC which is currently fluctuating between $16k to $17k.
However, Snowden’s prediction is not only linked to the largest digital currency by market capitalization, but it also believes that the industry should tilt more towards Decentralized Exchanges (DEX) after the FTX exchange implosion.
Snowden Thinks DEX are Better Alternatives to CEX
The reason for his suggestion is not far-fetched, DEX seems to be a better alternative to centralized exchanges (CEX) due to the fact that they do not need a third party as they make use of smart contracts. Due to the ‘dehumanization’ of DEX, Snowden believes that it is not capable of experiencing a liquidity crunch like FTX especially as its reserves cannot go below users’ deposits.
However, unlike CEX users, DEX users are exposed to certain risks which cannot be salvaged except with the use of third parties. If a user forgets his passcode or account details and losses his account, it is forever lost as there is no third party to provide you with a new passcode.
Following a series of hacks and rug pull linked to decentralized exchange, regulators in the United States and in Europe have suppressed the activities of the ecosystem and have made DEX less functional and limited. Therefore, Snowden is calling on DEX investors to consider regulations so as to avoid facing consequences in certain jurisdictions.
Within 24 hours after his post, the BTC price was up by 4% and is currently at $16,830, according to CoinMarketCap.