Edward Snowden calls Bitcoin “the most significant monetary advance since the creation of coinage”

Rick Steves

“Unpopular but true”, Edward Snowden said about his statement on Bitcoin being “the most significant monetary advance since the creation of coinage.”

Edward Snowden, the former National Security Agency contractor turned whistleblower, recently sparked a debate on X (formerly known as Twitter) with a bold statement about Bitcoin. Snowden declared, “Unpopular but true: Bitcoin is the most significant monetary advance since the creation of coinage. If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry.”

Snowden’s tweet quickly gained traction, prompting discussions among cryptocurrency enthusiasts, skeptics, and the wider public. His comparison of Bitcoin’s significance to the historical advent of coinage underscores the perceived revolutionary potential of digital currencies. Snowden, who has been living in Russia since leaking classified information from the NSA in 2013, has been an outspoken advocate for privacy rights and has previously expressed support for the use of cryptocurrencies as a means to protect financial privacy.

This statement from Snowden comes at a time when the cryptocurrency market is experiencing significant volatility, with Bitcoin and other digital currencies facing regulatory scrutiny in various countries. His endorsement of Bitcoin as a groundbreaking monetary advancement highlights the ongoing debate over the role of digital currencies in the global financial system.

Snowden’s comments on X reflect the polarizing views on cryptocurrencies. While some see them as innovative tools for financial freedom and privacy, others remain skeptical about their stability and potential for misuse. Regardless of the stance on Bitcoin and other cryptocurrencies, Snowden’s tweet has reignited the conversation about the future of money and the potential for a new era of digital financial transactions.

From libertarian ideology to legal tender in El Salvador

Bitcoin, the first and most well-known cryptocurrency, was introduced to the world in a 2008 white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” by an individual or group using the pseudonym Satoshi Nakamoto. The origins of Bitcoin are rooted in a desire to create a decentralized digital currency, free from the control of governments and financial institutions. This vision was motivated by a libertarian ideology, aiming to provide a means of transaction that ensured privacy, security, and freedom from traditional banking fees and regulations.

The core idea behind Bitcoin was to enable direct transactions between parties without the need for a trusted third party, such as a bank. This was achieved through the use of blockchain technology, a decentralized ledger that records all transactions across a network of computers. The security of this system is ensured by cryptographic techniques, allowing users to maintain anonymity while ensuring the integrity of transactions.

Bitcoin’s adoption in the financial industry was initially slow, with the digital currency being met with skepticism from traditional financial institutions. However, its popularity began to grow among tech enthusiasts and libertarians who were attracted to its principles of decentralization and privacy. Over time, as the value of Bitcoin began to rise and its market became more liquid, it started to catch the attention of a broader audience, including investors looking for alternative assets.

The financial industry’s perception of Bitcoin and cryptocurrencies has evolved significantly since then. Despite early reservations, many financial institutions have started to explore the potential of blockchain technology and cryptocurrencies. This interest has led to the development of various products and services around digital currencies, including trading platforms, futures contracts, and Bitcoin ETFs (exchange-traded funds). Bitcoin is also legal tender in El Salvador

Bitcoin’s market cap is above $1 trillion

As of February 2024, Bitcoin’s market capitalization stands at approximately $1.02 trillion, with a live price hovering around $52,000. The approval of Bitcoin exchange-traded funds (ETFs) in the United States, as noted in January 2024, marked a significant milestone, potentially broadening the investor base by allowing retail investors to gain exposure to Bitcoin through traditional investment channels.

Predictions for Bitcoin’s future price are varied, with some analysts expecting significant growth. Factors contributing to these optimistic forecasts include the halving event scheduled for mid-2024, which will reduce the rate at which new Bitcoins are created, potentially leading to increased scarcity and value. Predictions suggest that Bitcoin’s price could reach new all-time highs, with figures ranging from $80,000 to over $87,000 being discussed.

Read this next

Education, Inside View

The Power of Public Relations in Finance: Shaping Perceptions & Building Reputation

It’s safe to say that the finance industry has faced its share of reputation crises over the years, from the 2008 financial collapse to the many scandals around irresponsible lending, political corruption, and even Ponzi schemes. 

Digital Assets

Crossover’s crypto ECN executed over $3 billion in Q1 2024

“Our growth is also driving continued increases in the percentages of trades that are ‘Order Crossing Order’ (OXO). Currently, roughly 10% of all trades executed on CROSSx are OXO, another differentiator in our platform’s capacity. This capacity and our unique execution model provide value to both the market maker and taker, as evidenced by our commercial model.”


BlockDAG’s Explosive Presale Hits $20.3M In April Swaying Investors From XRP’s Price Trends Upward, & Polygon’s NFT Market

Learn about BlockDAG’s impressive $20.3M presale results, XRP’s price increase prospects, and the booming NFT market on Polygon among the top 10 cryptocurrencies.

Retail FX

Financial Commission warns of Eplanet Brokers

The Financial Commission, a self-regulatory compliance specialist for the financial services industry, is ramping up its scrutiny of unregulated brokerage firms. Today, the independent association warned against a company called Eplanet Brokers.

Retail FX

Dubai crypto exchange steps into prop trading

Dubai-based cryptocurrency trading platform, CoinW Exchange, marked its sixth anniversary by announcing a rebranding initiative and launching a proprietary trading product.


Bitcoin payments app Strike launches in Europe

Bitcoin blockchain-based payments app Strike launched in Europe on Wednesday, allowing users in the region to buy, sell, and withdraw bitcoin (BTC).


Bandit Network’s Points SDK and Brave Ads Power Astar zkEVM’s Quest Platform “Yoki Origins”

“Yoki Origins,” supported by Bandit Network and Brave Ads, introduces a gamified and rewarding experience for Astar zkEVM users, marking a significant milestone in Web3 adoption.

Digital Assets

Crypto ETFs to debut in Hong Kong next week

Hong Kong has authorized six cryptocurrency-based spot ETFs set to launch on April 30, according to Bloomberg.


BlockDAG Among The Best New Crypto To Invest In Post 8 Billion Coins Sales; More On Bitcoin Cash Futures’ Launch & Solana Positive Predictions

Explore Solana’s ATH predictions to see whether it can rise after a $17B dip? BlockDAG sells 8 billion coins in presale as Bitcoin Cash Futures launch.