The ex-CIA officer recalled that over the past year and a half, the first cryptocurrency has risen in price almost 10 times, despite the measures that governments of different countries are taking against it.
Former CIA officer Edward Snowden wrote on Twitter, that the restrictive measures against cryptocurrency, which were introduced in China, made Bitcoin stronger.
Snowden recalled his post on March 13, 2020, in which he announced that for the first time he wanted to buy the first cryptocurrency.
Since then, bitcoin has risen almost 10 times in price despite a coordinated global campaign by governments to undermine public understanding and support for the cryptocurrency, Snowden said.
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
In March 2020, the value of bitcoin dropped to a local minimum below $ 4,000.Since then, the price of an asset has grown by 1225%. Today, October 4, Bitcoin is trading at $ 47.7 thousand.
At the end of September, the People’s Bank of China introduced a complete ban on cryptocurrency transactions. The use of digital assets in the country is now tantamount to illegal financial activity.
After this announcement, the bitcoin rate fell by $ 3 thousand per hour. The services that crypto exchanges provide to residents of China were also outlawed.
Due to the ban, Chinese e-commerce giant Alibaba has announced that it will stop selling cryptocurrency mining equipment from October 8.
Also, the suspension of sales of mining equipment was announced by Bitmain, which plans to transfer production to other countries.
Tough measures against cryptocurrencies began to be introduced in China at the end of May this year after the call by Vice Premier of the State Council of the People’s Republic of China Liu He to tighten regulation of digital assets.
Local provincial authorities began to ban the mining of cryptocurrency, and crypto business began to leave the country.
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