New reports suggest a global campaign to attack Bitcoin and the cryptocurrency industry, in the wake of a recent crackdown on the cryptocurrency space by several governments and state-controlled central banks.
Edward Snowden, a former CIA consultant, revealed on Twitter that there was a global campaign to attack Bitcoin.
Snowden believes that the recent regulatory attack by several centralized government-controlled institutions, as well as the People’s Bank of China’s decision to declare all cryptocurrency activities illegal, are part of a coordinated effort to sabotage cryptocurrency.
The former CIA employee shot to fame in 2013 when he single-handedly exposed the US government’s illegal NSA surveillance. Snowden is currently residing in Russia, where he was granted asylum after the US government labeled him a traitor.
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
Snowden, who purchased Bitcoin in 2020 when it was trading around USD 5,000, stated that the campaign has only increased Bitcoin’s value. He claims that Bitcoin has grown despite a concerted effort to undermine public support for cryptocurrency. “[…] China even banned it, but it only strengthened Bitcoin,” he tweeted.
As a result of the current situation, it is necessary to raise some serious concerns about the actions of various governments toward cryptocurrency. El Salvador is still the only country that has openly supported Bitcoin.
According to Jerome Powell, the United States has no plans to ban Bitcoin.
Following the Chinese central bank’s ban on cryptocurrency, speculation has grown that other countries will follow suit.
THE FED’s Jerome Powell, on the other hand, has stated that the US government has no plans to ban bitcoin. He made this assurance following a meeting of the House Financial Services Committee earlier this week.
Powell assured that the US will not follow the PBOC’s lead and impose an outright ban on cryptocurrency. While Powell confirmed that there is no plan to ban cryptocurrency, he did state that there will be regulatory actions.
Madison Cawthorn, a congressman from North Carolina, also expressed support for Bitcoin on Twitter.
Why do we not use cryptocurrency as the new gold standard?
— Rep. Madison Cawthorn (@RepCawthorn) September 30, 2021
Katie Haun, on the other hand, expressed her displeasure with the recent crackdown on the crypto space. Haun urged the United States government and financial regulators to do the opposite of what the PBOC did.
“This is an opportunity for the United States because, in my opinion, we should be doing the exact opposite of what China is doing in this realm,” she said.