Edward Snowden: No Reason Behind Bitcoin’s Severe Drop Besides Panic, Felt Like Buying Opportunity

Bitcoin’s violent 50% price drop from yesterday caused too much panic for little to no reason, said the famous whistleblower Edward Snowden. In fact, he is contemplating purchasing more of the largest cryptocurrency for the first time in a while.

Snowden To Buy More Bitcoin?

The cryptocurrency community experienced one of the worst trading days ever. The total market capitulated as some losses exceeded 50% in a day. Bitcoin, for instance, went from a daily high of $8,000 to as low as $3,700 on Bitstamp, while on BitMEX, the coin even dropped below $3,600.

Naturally, such a steep price drop raised significant concerns. The crypto community members are continually speculating on possible reasons behind the plunge.

At the same time, though, famous whistleblower Edward Snowden believes that there isn’t a valid reason, and the panic levels are too high. Therefore, he felt like taking advantage of the low prices for a buying Bitcoin opportunity.

This is the first time in a while I’ve felt like buying bitcoin. That drop was too much panic and too little reason.

— Edward Snowden (@Snowden) March 13, 2020

Snowden’s Story and Cryptocurrencies

The American journalist Edward Snowden is one of the most popular whistleblowers of this generation. He made the headlines back in 2013 when he stole and then leaked numerous classified documents from the National Security Agency – his workplace at the time. Those included proof of mass government surveillance on the public, espionage, computer hacking, phone tapping, and more.

Interestingly enough, last year he admitted that he used the first-ever cryptocurrency to help him reveal the stolen documents:

“The servers that I used to transfer to transfer this information to journalists were paid for using Bitcoin.”

Speaking via video conference at an industry event held in San Francisco, he also outlined the decentralized and permissionless nature of Bitcoin as its most significant merits.

“Bitcoin is free money […] you are able to exchange and interact permissionless. And when I think about privacy, that’s what it’s all about. What does liberty mean? It’s freedom from permission, it means we live our lives in a way that we can experiment, we can engage, we can try things, we can even fail, and we don’t have to get a permission slip from the principal’s office.”

Later on, he touched upon Bitcoin’s alleged role in illegal activities. However, he stated that “there are a hell of a lot more criminals that use the dollar.”

In the past, Snowden has also praised other cryptocurrency projects, such as the privacy coin Zcash.

Featured image by BusinessInsider