Snowden Revisits Bitcoin Bottom Call Made During the Coronavirus-Driven Meltdown in Crypto Markets

The famous American whistleblower, Edward Snowden, took to his Twitter account once again to talk about bitcoin. This time around, he confirmed on December 7, his call on the bottom that the crypto reached on March 12, 2020.

Snowden Remembers His Call on Bitcoin’s Bottom in March 2020

Edward Snowden, a former Central Intelligence Agency (CIA) employee, and National Security Agency (NSA) subcontractor retweeted a message he posted on March 13, 2020, where he made the following statement on bitcoin price at that time:

This is the first time in a while I’ve felt like buying bitcoin. That drop was too much panic and too little reason.

Such a tweet was published in the midst of the coronavirus pandemic outbreak that started to affect the world, and which helped the price of BTC to plummet to the $3,600 level. That day on March 12, following BTC’s dash to $3,600, the crypto asset quickly jumped to the $5k handle.

Despite the pessimism aroused among some people towards bitcoin and the fact that it erased $22 billion from its market place in a single day, Snowden remained optimistic.

Now, one of the world’s most notorious whistleblowers issued the following message before retweeting the old’s March tweet where he forecasted the bottom with the text “bitcoin was ~ $5,000”:

Today I learned the dollar has lost 99.93% of its value since 2013 (relative to Bitcoin).

At the time of publication, bitcoin (BTC) is trading between $18,900 to $19,200 per unit, with a market cap of over $350 billion, as the leading crypto is still treading the waters on the all-time highs seen back in 2017 at close to $20,000.

Snowden’s Advocacy for Bitcoin

But this is not the first instance, nor the first year where Snowden has been vocal in favor of bitcoin.

During an interview in 2018, Snowden, who is living in Russia after being granted asylum by the Russian government, pointed out that BTC’s price reflects the society that believes in its “usefulness” as a means of exchange.

He also referred to crypto mining:

The reward for winning a round, once worth mere pennies, is now around one hundred thousand dollars, making it economically reasonable for people to divert enormous amounts of energy, and data centers full of computer equipment, toward the math — or ‘mining’ — contest. Town-sized Godzillas of computation are being poured into this competition, ratcheting the difficulty of the problems beyond comprehension.