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Edward Snowden Predicts Bitcoin Could See A Repeat Of March 2020

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Bitcoin might be stuck in a rut, but Edward Snowden believes that BTC might see a possible repeat of March 2020 when the coin lost more than 50% of its value due to the outbreak of the coronavirus before pumping to $65k in May 2021 and tapping an all-time high of $69k in November.

“…For the first time in a while, I’m starting to feel the itch to scale back in’, Snowden said indicating that the bottom is near but warned of further trouble.

A price chart that Snowden included with his tweet depicts the last time he made a comparable Bitcoin prediction close to the bottom of a bear market.

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Edward Snowden Predicts Bitcoin Could See A Repeat Of March 2020 2

The ex-NSA and CIA agent followed up with more tweets, saying, “When most people say “this is not financial advice,” they’re lying, but this is actually not financial advice, since I have zero financial education and no idea what I’m doing”.

Snowden who is closely associated with the creation of zcash, a leading privacy-protecting cryptocurrency has numerous times expressed his fascination for the dominant asset.

The IT specialist has been on the run since releasing the NSA papers in 2013, seeking asylum in Russia. In October 2020, Vladimir Putin gave him unlimited permanent residency and on September 26, 2022, he was granted Russian citizenship.

He has been a fervent supporter of Bitcoin throughout, and in December 2020, when the decentralized finance [DeFi] token first topped $20,000, its all-time high [ATH], he was among the well-known figures supporting it.

Not only Snowden, but many industry bigwigs such as Elon Musk too recently threw their weight behind BTC. As reported by TronWeekly, Musk believed that BTC’s days are not over despite a “long winter”.

Bitcoin’s Fall Is Nothing Extraordinary- Expert

BTC dropped by 25% in days as a result of the bankruptcies affecting FTX, Alameda Research, and probably other significant crypto firms.

Even for trading analysts such as Stockmoney Lizards, BTC will bounce back from the FTX implosion just like it has from other setbacks which it termed as “Black swan Events”.

An accompanying chart highlighted similar “black swan” moments in the past, dating back to the 2014 Mt. Gox breach.

Two other notable events were the hack of the exchange Bitfinex in 2016 and the March 2020 COVID-19 market crash.

Edward Snowden speaks against meme tokens, asks people to carefully consider before investing

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The biggest risers for the year 2021 have been the meme tokens. With Shiba Inu and Dogecoin entering the list of top 10 currencies by market cap, many analysts have different views on the same. Edward Snowden, a whistleblower and an ex-employee at Dell and CIA, recently criticized these doge tokens on his Twitter handle.

In the tweet, Edward Snowden carefully asked the people to invest in any token, especially meme tokens. Recently, we saw Shiba Inu defeat Dogecoin and enter the top 10 currencies list, rising by more than 800% in the last 30 days. This proves the fact that dog tokens are highly volatile.

According to Snowden, people are exchanging their hard-earned money for “dog money because a meme said you’d get rich.” Dog tokens are a risky investment before of the lack of a fundamental structure backing these currencies with a ridiculously high supply cap.

Edward Snowden vocal against meme coins

He further said in another tweet, “also, if you are mad at this tweet, you probably need to reduce your position size.” To this tweet, a user with a Twitter username of @theDJOblivion called upon the whistleblower, asking if he is mad “because those dollars didn’t go into your beloved BTC.”

To this, the former NSA employee said,

“People can buy any garbage they want, and I’m okay with it. The problem is when they get emotionally manipulated into mortgaging the farm based on a meme’s worth of understanding.”

Edward has been actively supporting cryptocurrencies, but it seems that he doesn’t find meme tokens worthy of his support. Recently, Edward Snowden described the concept of Central Bank Digital Currencies (CBDCs) as a “cryptofascist currency.”

He claims that these digital currencies are designed to put the government and other monetary authorities at the center of each transaction, invading the privacy of individuals, trying to curb the growth of benefits of decentralization. Edward Snowden further stated that a CBDC is not a digital dollar and is very different from a decentralized cryptocurrency.

Edward is known for his positive stance on decentralization, as he quoted in his CBDC paper, “Of all the things that might be centralized and nationalized in this poor man’s life, should it really be his money?”

Is Bitcoin ETF really a “less attractive version” of BTC?

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The highly-anticipated Bitcoin ETFs made an official debut on Wall Street this week. This has significantly spurred a massive rally and pushed the crypto market cap to a record $2.7 trillion. However, the investment vehicles has met with its fair share of criticisms.

Former National Security specialist and Whistleblower Edward Snowden took a dig at the big shot Venture Capitalists for heavily investing in what he claims to be “less appealing versions” of Bitcoin instead of allocating their resources to payment-related institutions which would aid in creating the very basic cash registers and applications solely focused on crypto payments. He ironically termed it as a ”Pro gamer move”. Snowden, in his latest Twitter post, stated,

VC guys keep trying to make cryptocurrency a global standard by spending billions to invent less-attractive versions of Bitcoin, instead of just buying payment-system companies to make the most common cash registers and apps support crypto payments by default. Pro-gamer move.

Prominent Bitcoin advocate and Co-founder of Morgan Creek Digital, Anthony Pompliano aka ‘Pomp’ too chimed in to denounce top-level executives as well as investors and founders who take undue advantage “from simply plugging into the bitcoin network.” According to the exec, these market players onboard millions of individual straight away to start working for them without paying a dime.

Bitcoin ETF boon or bane?

Supporters of the flagship cryptocurrency have been advocating the idea for a spot Bitcoin ETF instead of a Futures product as they prefer to own crypto assets rather than through a derivatives portfolio. One of the key arguments against the futures-based bitcoin ETF is that managing those contracts can be extremely expensive, compared to its spot counterpart.

Another interesting factor that needs to be considered are that Contango and Backwardation are unique to the futures product market. The market is said to be in contango when prices of a futures based contract are higher in comparison to a spot price. On the other hand, when the forward future product is lower than the price of spot, the market is said to be in Backwardation. Critics believe that the above conditions do not provide a efficient exposure to BTC for investors.

Many speculates that even trusted digital assets management firm like the Grayscale Investments, with their portfolio called GBTC, may not be as effective in accurately tracking bitcoin prices since there has been instances when it traded at a much higher prices to the underlying asset in the past. At present, it is trading at a discount price to bitcoin amidst investors dumping the product due to the recent entry of ProShares ETF.

It is a waiting game for now. There are many pros and cons to weigh in and gauge how the market players respond in the near future. The launch of these investment vehicles for the institutions have been pivotal and it may subsequently pave the way for such funds for retail investors soon.

CBDCs are savings annihilator in disguise alleges Edward Snowden

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Former intelligence expert Edward Snowden recently launched a scathing attack on CBDC and expressed apprehension about its proposed use cases in a blog post titled, ‘Your Money AND Your Life- Central Banks Digital Currencies Will Ransom Our Future,’. According to him, Central Bank Digital Currency, or CBDC as it is more commonly known, is a policy instrument designed to systematically eliminate every wage earner’s savings resources and induce deliberate spending in the economy. He stated,

What is a Central Bank Digital Currency, you ask? Oh, you know: just a “useful policy tool” for casually annihilating the savings of every wage-worker in the country if they don’t spend them fast enough.

Is CBDC a cryptofascist currency?

CBDCs are in general, digital replicas of fiat currencies backed by region-specific governments and modern banking systems. It is noteworthy to mention that the introduction of Facebook-owned stablecoin Diem [previously Libra] back in 2019 acted as a catalyst that triggered a global race to build a virtual currency pegged to their respective fiat currencies. That suddenly changed when the COVID pandemic paralyzed major economies around the world and brought a disruption to the traditional economy and that is how it propel the renewed interest in CBDC.

Even though governments and central banks around the world are banking on CBDCs and touting them as a contender to cryptocurrencies, privacy advocates like Edward Snowden expressed fear that these digital currencies might act as exploiting tools. He went on to further deem CBDC to be a ‘perversion of cryptocurrency,’ terming its core principles and protocols as a cryptofascist currency, meticulously designed to deny the basic ownership rights of an individual’s assets by positioning the state as the caretaker for every transaction.

CBDC developments in recent times

Many countries have started working on their respective central bank digital currencies. However, China is leading much ahead among major economies and has launched its first whitepaper on the digital Yuan this year, and is currently exploring the possibility of integrating into a blockchain as its core CBDC is centralized.

Countries such as Nigeria have already rolled out their own CBDC called e-Naira on a pilot basis this month. The project is significant amid negative crypto sentiments among state officials. Surprisingly Nigeria is among the top tech enthusiasts African country with more than 30% of its citizens owning cryptocurrencies.

While the United States is still lagging in this global race, countries such as Bahamas and Sweden with their very own ‘Sand Dollar’, and ‘e-krona’ respectively pioneering the frontier.