Edward Snowden calls Bitcoin “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.

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.

— Edward Snowden (@Snowden) February 18, 2024

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.