Edward Snowden critiques China’s vain efforts to ban Bitcoin
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.
Sometimes I think back to this and wonder how many people bought #Bitcoin then.
It’s up ~10x since, despite a coordinated global campaign by governments to undermine public understanding of—and support for—cryptocurrency.
China even banned it, but it just made Bitcoin stronger. https://t.co/pbnOFGfaVf
— Edward Snowden (@Snowden) October 3, 2021
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.