Following Bitcoin’s (BTC) flash crash, the world-famous whistleblower, Edward Snowden, is contemplating shopping for the dip.In a tweet posted on
Following Bitcoin’s (BTC) flash crash, the world-famous whistleblower, Edward Snowden, is contemplating shopping for the dip.
In a tweet posted on March 13, Snowden — well-known for disclosing top-secret paperwork that exposed the extent of American and British world surveillance operations — wrote:
“That is the primary time shortly I’ve felt like shopping for bitcoin. That drop was an excessive amount of panic and too little cause.”
Panicked buyers
Snowden’s feedback come after what’s regarded as Bitcoin’s sharpest ever intra-day plummet yesterday when it briefly dropped to a new yearly low of $3,782.
The dramatic drop was in line with market mayhem worldwide, as United States President Donald Trump summarily announced extreme new journey restrictions at present in response to the unfold of the COVID-19 coronavirus.
On March 12, the Dow and FTSE suffered their worst day because the Black Monday crash of October 1987, prompting the New York Federal Reserve to announce an emergency motion to pump $1.5 trillion into the American monetary system.
This havoc has intersected with an oil sector in freefall, as Saudi Arabia and Russia lurched into price war amid collapsing world demand as a result of COVID-19 outbreak.
Veteran dealer Peter Brandt — who earned a status for accurately predicting the collapse of the 2017 crypto market bull run — tweeted his sobering view of the BTC/USD market on March 12:
“If I interpret the chart with out bias, I’d say sub $1,000.”
Amid warnings that Bitcoin looks to retest 2-year lows, altcoin costs took a battering, too.
Unsurprisingly, Snowden’s intervention polarized responses on social media, with one hailing “#bitcoinblackfriday” because the “sale of the decade” and one other quipping:
“Attempt to purchase some bathroom paper proper now. Use a US-based VPN server.”
Snowden and cryptocurrencies
Snowden’s bullish view of Bitcoin might not be mere opportunism amid the worldwide market meltdown.
In March 2018, he pointed to “digital shortage” as being the coin’s “basic innovation” in his testimony at a listening to on the future of crypto regulation within the U.S.
In fall 2019, Snowden had hinted he would possibly flip to Bitcoin as a way to circumvent the U.S. authorities ‘s attempt to limit his entry to income from the publication of his e book, Everlasting Document.
Furthermore, the servers Snowden had used again in 2013 to leak 1000’s of paperwork to journalists have been ostensibly paid for using Bitcoin, although the whistleblower has voiced issues over the cryptocurrency, characterizing its blockchain as “devastatingly public.”
In March 2018, he confirmed he had used Monero, and reiterated his help for Zcash because the “most attention-grabbing” altcoin then available on the market because of its “distinctive” privateness setup.
“The a lot bigger structural flaw, the long-lasting flaw, is its public ledger,” he mentioned of Bitcoin on the time — with the caveat that he nonetheless “could” have used it to purchase server infrastructure for his whistleblower actions in 2013.