Infamous exiled whistleblower Edward Snowden has said China's decision to ban all crypto operations has boosted Bitcoin (BTC).
The former US National Security Agency contractor notoriously leaked highly classified information in 2013.
“This is the first time in a while I’ve felt like buying Bitcoin. That drop was too much panic and too little reason”, he said in a Tweet. China may have banned it, the exile said, but that has only made the currency stronger.
Snowden has been one of the “crypto influencers” to take a keen interest in the digital currency, despite his current and probably never-ending predicament with the US government.
Snowden regards BTC as one antidote to the mass-surveillance he unearthed when he revealed that the US government had been spying on its own citizens since the attacks on the Twin Towers in New York.
However, he is not entirely sure if BTC can achieve the level of security necessary. “It’s really frustrating for a lot of people in this space that the core development team for Bitcoin has been prioritized – because the longer they wait, the more obstacles are going to be put in place to prevent that”, Snowden said.
Snowden has remained fairly cryptic about how and why he feels China's decision effectively strengthening the digital currency.
One way to look at it is to consider the fact that China accounted for a large chunk of the hashrate for popular networks such as BTC and Ethereum.
Essentially, hashrate is what guarantees that a network remains off-limits for anyone attempting a 51% attack to assume full control over a network.
With miners scurrying across the world now, in theory BTC is more secure as its hashrate is now far more diverse and spread across the world.