The largest cryptocurrency Bitcoin (BTC) has found another supporter in the person of the former CIA officer Edward Snowden. He noticed that despite the ban on cryptocurrency in China, Bitcoin has grown by more than 1000% since March 2020.
“Sometimes I wonder how many people bought Bitcoin in March 2020. It has grown 10 times since then, despite a coordinated global campaign by governments to undermine public understanding and support for the cryptocurrency.
Bitcoin has had a strong week despite falling below $ 42,000 at the end of September . BTC jumped sharply in value over the weekend with the arrival of October. It is now trading just below $ 48,000. Ether has also joined the October rally, dropping to $ 2,800 late last month. ETH is currently trading around $ 3,350. “
China even banned it, but that only made Bitcoin stronger, ”Snowden tweeted.
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
Bitcoin dropped to a low of around $ 5,000 in March 2020, and since then, the most valuable digital asset has gained immense popularity among retail and institutional investors, leading to a jump of almost 1,000% over the past 18 months. BTC is currently trading above $ 49,000 with a market cap of around $ 986 billion.
Over the past 12 months, Bitcoin has overcome serious obstacles, including a complete ban on any cryptocurrency, including mining. As a result, the hashrate of the bitcoin network fell by more than 50%, which raised miners’ revenues to an all-time high.
After a tough September, Bitcoin started October with significant growth. On October 5, BTC set a local high at $ 49,500, Ethereum at $ 3,480. Commenting on the latest cryptocurrency price change, eToro market analyst Simon Peters noted:
“Cryptocurrency prices were not the most impressive until the end of September, with no profit for most of the month. However, major crypto assets rebounded over the weekend amid positive comments from Gary Gensler of the Securities and Exchange Commission.