Edward Snowden reiterates support for Bitcoin, says China ban made it stronger

  • Edward Snowden said that the China ban will only make Bitcoin even stronger.
  • As we enter into Q4 2021, some of the popular market personalities are expecting Bitcoin ETF this month.

CIA whistleblower and controversial journalist Edward Snowden has once again reiterated his support for Bitcoin. Snowden has been one of the active members of the crypto community since the government crackdown started.

In his recent tweet on Sunday, October 3, Snowden said that China’s recent move to ban Bitcoin will only strengthen it further. Snowden writes:

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.

Back in the March 2020 crash, Snowden tweeted for the first time saying it was the right time to buy Bitcoin. He said that the correction was a result of “too much panic and too little reason”. Bitcoin is trading at almost 15x returns since the low of March 2020. As of press time, Bitcoin is trading at $47,789 and has a market cap of $898 billion.

Since the crash, there have also been major developments taking place in the Bitcoin network. Furthermore, institutional participation has skyrocketed since then. Some of the world’s largest financial institutions and investment companies have started gaining Bitcoin exposure as little as 1 percent.

Bitcoin ETF coming this month?

There have been growing expectations among analysts for the approval of the first Bitcoin ETF by the U.S. SEC. Last Saturday, October 2, Bloomberg’s senior ETF analyst Eric Balchunas noted that there are 75 percent chances for the approval of a Bitcoin ETF in October this month. He further added:

The SEC has kicked can on bitcoin ETF approval BUT that is for the physically-backed ones under ’33 Act. The futures ETFs filed under the ’40 Act (which Genz loves) are very much alive and likely on schedule (we think 75% chance approved in Oct).

Furthermore, crypto exchange Coinbase also tweeted (now deleted) last week about the strong possibility of Bitcoin ETF coming this month. Last week, SEC Chairman Gary Gensler also reiterated the possibility of approving a Bitcoin ETF if the derivatives product tracks the Bitcoin futures from the CME Group and also if it follows the regulatory rules applicable to mutual funds.

If the U.S. regulator approves the Bitcoin ETF, there could be a flood of institutional money coming into Bitcoin. This can lead to a Bitcoin price rally all the way to $100K and above. Many analysts have been giving this target for Bitcoin before the end of this year.

PlanB, the author of the stock-to-flow (S2F) model was the first to predict it. In his recent tweet, PlanB noted that there’s no sign of weakness yet in the market. The next bull run will at least last for six months he added.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

Comments are closed.