NEWSLETTER
In a recent statement shared on Snowden, known for his 2013 leak of NSA documents exposing the scope of global surveillance programs, has been a vocal commentator on privacy, security, and now, the implications of btc for financial autonomy and privacy.
Snowden's claim emphasizes btc's revolutionary role in the history of money, suggesting that its decentralized digital nature represents a fundamental shift away from traditional physical forms of currency and centralized financial control.
His statement: “Unpopular but true: bitcoin is the most significant monetary advance since the creation of currencies. If you don't believe me or understand, I don't have time to try to convince you, I'm sorry,” he underlines a firm belief in bitcoin's value proposition, despite acknowledging its controversial reception among critics and skeptics.
Unpopular but true: bitcoin is the most significant monetary advance since the creation of currencies.
If you don't believe me or understand, I don't have time to try to convince you, I'm sorry.
—Edward Snowden (@Snowden) February 18, 2024
Snowden recognizes bitcoin as digital gold
Snowden's recent praise of btc is not an isolated case. Over time, he has consistently shown great interest in bitcoin. in X, frequently sharing his thoughts on cryptocurrency. For example, during the Super Bowl, he joked: “Everyone watching the #SuperBowl and here I am looking at the bitcoin chart,” showing his keen interest in the dynamics of the cryptocurrency market.
His observations have also touched on regulatory milestones, such as the approval of spot ETFs in the United States. Ahead of its launch, Snowden noted: “bitcoin ETFs have (finally) just been approved for trading tomorrow, after ten years. Maybe the policy in Congress around cryptocurrency will improve once they realize it is supporting pension funds and retirement accounts.”
Following the ETF's launch, Snowden commented on financial executives' changing attitudes toward btc, illustrating the impact of regulatory acceptance on btc's overall credibility. “It's amazing how the SEC's approval of a bitcoin ETF was all it took to transform JP Morgan's CEO from the King of Money into that guy who spends half of every interview insisting 'I don't care about btc,' and the other half sobbing that he stole his wife and shot his dog,” he said.
Additionally, Snowden has made comparisons between btc and traditional assets, stating in June 2022: “Gold is simply bitcoin that cannot be sent over the Internet,” highlighting its unique advantages as a digital asset. His reflections extend to global financial crises, as seen in his response to Lebanon's 90% currency devaluation in February 2023, where he hinted that “*whispers* bitcoin fixes this,” suggesting its potential role in mitigation of economic instability.
Despite his endorsements, Snowden has not shied away from criticizing the leading cryptocurrency, particularly when it comes to its privacy features. In November 2021, he praised Zcash for promoting the privacy capabilities of cryptocurrencies while also criticizing btc's failure to address this issue. “My main criticism of bitcoin remains, many years later, that they have not addressed their enormous on-chain privacy problem,” Snowden commented.
At the time of publication, btc was trading at $52,347.
Featured image from CNN, chart from TradingView.com
