Published on May 13th, 2022
There is no doubt that this digital coin has been booming over the period despite unauthorized currency. People are showing interest in cryptocurrency, and it is a term that has no end in the future.
However, many bitcoin haters do not like this currency. Even though it has merits, they cannot prevent bitcoin fans from trading bitcoin for different purposes.
Many countries are restricting bitcoin or cryptocurrency to keep track of usage. Still, after these restrictions, crypto fans are showing interest and spending their money on it, and the value of this crypto is not convincing to down.
According to Edward Snowden, the limitations or restrictions on the bitcoin crypto coins make them stronger and more valuable than you can read here – Immediate Profit.
Who Is Edward Snowden?
Snowden is a thirty-nine-year-old (born in 1983) American citizen who revealed the highly critical information about the NSA (National security Agency) in 2013.
But now, he is working as a consultant of computer intelligence in the NSA. Snowden got the status of a whistleblower after showing concerns about the supervision of the NSA’s activities that were wrong in 2013.
He also showed his situation in a straightforward way to the employees of the NSA. Still, no other employee wanted to stand by Snowden because they did not want to lose their job and families and make themselves financially poor.
So he leaked the information of the NSA agency about the concerns that were illegal and got the status of whistleblower status.
Edward’s Thought Oon Crypto Banning
Since Edward is an intelligence computer consultant, he is also a supporter of cryptocurrency (bitcoin) in most of his tweets. In his recent tweet, he said the bitcoin cryptocurrency is becoming more substantial after the government’s restrictions.
The reason is that bitcoin is the cryptocurrency that anyone in the world can use, and regulations will unlock the potential for the other buyers. Therefore, the little things in high demand will become more valuable in the future and are happening to the bitcoin cryptocurrency.
Pricing Boom Of The Bitcoin
In 2020, when the share market was down due to the covid-19, the cost of bitcoin was also low, between $5000 to $10,000. The people who purchased bitcoin now got a huge profit from it.
An average person cannot earn from his ordinary job. Edward said people were showing interest in bitcoin and other crypto coins when the market was down by purchasing them, and now they are making a considerable profit.
Suppose you bought bitcoin in 2020, which will cost you around $5,000, and if you held it until November 2021, you would get the profit up to $60,000 because November was the booming month that bitcoin reached the highest potential.
The value of this digital gold touched over sixty-five thousand dollars ($65,000), and it was the boom cost of bitcoin that it ever felt.
The Benefits Of China’s Ban On Bitcoin To Other Countries
Snowden said that some countries banned bitcoin because of its unauthorization nature, and China is a prominent example of banning bitcoin. China is known as the significant mining hub for the bitcoin cryptocurrency.
Still, after getting the number one position in contributing to the bitcoin hashrate, the government decided to ban bitcoin mining and transactions in the country because there were a lot of missing side effects to the environment and people.
Many people started fraudulent activities using these digital coins, and the government did not want to make their country a scamming country. But they could regulate the bitcoin cryptocurrency by revealing the systematic guidelines and applying the tax system to it.
Still, China banned this gold coin and other cryptocurrencies from the country. And Denying it in China becomes the most significant opportunity for other countries like the U.S, Russia, Kazakhstan, and other countries to contribute to bitcoin mining by using their energy resources and human resources.
Most of the Chinese miners who generate their living from bitcoin mining turned to other countries, and the nations became beneficial by getting the free expert miners from china.
Edward is happy to see that people are still spending their money in bitcoin trading for different purposes despite restrictions, banning, or at the time of recession.
He is a strenuous supporter of bitcoin and knows the potential of this coin in the future and also said that the more restrictions the bitcoin will get, the stronger and more valuable it will become in the future.