While speaking at the BTC conference, Edward Snowden, who has been a supporter of the cryptocurrency for years, said that people should avoid thinking about the price of the asset.
He also talked about the potential risks of institutional involvement in the industry, especially BTC exchange-traded funds.
- Snowden advised Bitcoin investors who focus on asset price movements to identify actual use cases for the cryptocurrency rather than looking at charts and candlesticks.
- He believes that Bitcoin has the problem of not having true anonymity, which makes it easier for governments to track down the people behind certain transactions. Compare this to the way he leaked classified NSA documents in 2013 and used Bitcoin to pay for the servers he used.
- In addition, Snowden emphasized that institutions entering into the Bitcoin space carry certain risks. While the money being pumped into the asset could push prices higher, he warned that they would have too much power and ordinary people would not be able to influence their decisions and actions regarding Bitcoin.
- In the same regard, he pointed out that Bitcoin exchange-traded funds, which are becoming increasingly popular, especially with major financial companies submitting applications to launch such products, are in fact “taming” Bitcoin.
- He also spoke about the government and regulatory agencies trying to have their say on how to oversee Bitcoin and the entire industry and emphasized that he doesn’t care what Gary Gensler (the SEC Chairman) thinks, nor does he care about Bitcoin users and investors.
- Finally, Snowden advised developers and ordinary users to focus more on making Bitcoin anonymous, which would actually help it achieve Satoshi Nakamoto’s vision.
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