Why will banning cryptocurrencies in China only benefit Bitcoin?

Over the entire existence of Bitcoin, China has tried to curb the development of the crypto market for almost two dozen coordinated attacks and bans. However, all of them did not lead to the collapse of the cryptocurrency, but on the contrary, they only contributed to its development and resilience.

The recent bans by the Chinese government on BTC will have a similar effect. At least this opinion is shared by a former employee of the US National Security Agency Edward Snowden.

Edward Snowden is associated with cryptocurrency no less than other popular personalities. In particular, in the spring of 2021, he also managed to make money on the hype around NFT tokens. His work, entitled «Stay Free», which is to say «Stay Free», sold for the equivalent of $ 5.4 million in airtime.

The work itself is the text of the decision of the US Court of Appeals, against the background of which Edward’s face is depicted. NFT looks like this.

Stay Free by Edward Snowden

At the same time, Snowden promised to send the proceeds to the Press Freedom Foundation. Apparently, nothing has changed since then, and Edward continues to follow the digital asset industry.

What will happen to Bitcoin next?

Note that the celebrity has already commented on what is happening in the digital asset market earlier. Here’s a quote from Snowden posted on his Twitter in March 2020.

This is the first time in a long time that I want to buy Bitcoin. This fall was the result of a panic out of nothing.

Bitcoin price dynamics over the past year

In his post, Snowden refers to the crypto market crash in March 2020 , when the world was caught off guard by the COVID-19 pandemic. The day before, the American quoted a tweet with the following statement.

Bitcoin has grown nearly tenfold since this post, despite a coordinated global campaign against cryptocurrency by governments. China even banned it, but that only made Bitcoin stronger.

And this is really so: in the eyes of the public, BTC is turning from an incomprehensible concept into a phenomenon that may well withstand even entire state formations. Bitcoin is doing quite well, given all the waves of criticism it has received lately. This fact alone makes the crypto a worthy candidate for investment from almost any class of investors.

Most importantly, the ban on Bitcoin mining and interaction with cryptocurrencies in China as a whole makes this state less influential in the digital asset niche. However, earlier, most of the computing equipment that was used to mine Bitcoin was located in the country. Accordingly, any harsh statements by the authorities negatively affected the rates of coins.

Now it is most likely a thing of the past. In addition, against the backdrop of opposition from China, other states are beginning to treat Bitcoin more carefully. In particular, since September 7, 2021, cryptocurrency has been recognized as a full-fledged means of payment in El Salvador. The day before, sources also reported on possible support for Bitcoin in Brazil, where it may be recognized as an alternative to the official currency.

All this positive has contributed to the popularization of BTC among investors. This is supported by what is happening with the rate of the first cryptocurrency: today the cost of Bitcoin exceeded the $ 50 thousand mark for the first time since the market collapse on September 7. The local maximum of the rate at the moment was 50 350 dollars.

15 minute Bitcoin chart

According to Decrypt , Edward Snowden has publicly expressed his support for the main digital asset several times this year. For example, at the Ethereal Summit in May, he stated that Bitcoin developers need to focus on strengthening the anonymity of the cryptocurrency so that it can remain a stronghold of decentralization and freedom.

We believe that Edward Snowden’s point of view is indeed true. The main cryptocurrency not only survived a series of massive attacks from the Chinese authorities, but since then has managed to significantly increase in value. Accordingly, criticism from officials does not make Bitcoin any less attractive asset for investors. And this instills confidence in the great prospects for the development of the coin industry.

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