China’s Crypto Ban Made Bitcoin Stronger, Says Edward Snowden

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, the world’s largest cryptocurrency, found another supporter in Edward Snowden, a former NSA employee. Snowden mentioned that Bitcoin is up by more than 1,000% since March 2020 despite China’s crypto ban.

“Sometimes I think back and wonder how many people bought Bitcoin in March 2020. It's up 10x since, despite a coordinated global campaign by governments to undermine public understanding of, and support for, cryptocurrency. China even banned it, but it just made Bitcoin stronger,” Snowden mentioned on Twitter.

In March 2020, Bitcoin touched a low of approximately $5,000. Since then, the world’s most valuable digital asset has gained immense popularity among retail and institutional investors and that has resulted in a jump of nearly 1,000% in the last 18 months. BTC is currently trading above $47,500 with a market cap of approximately $900 billion.

Bitcoin overcame major hurdles over the last 12 months. Earlier this year, China announced a complete crypto ban including the country’s crypto mining activities. As a result, Bitcoin’s mining Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term dropped by more than 50%. However, the recent recovery in the BTC mining rate has pushed the overall mining revenues to a record high.

Bitcoin’s Price Action

After a challenging September, Bitcoin started October with a substantial rally. BTC touched a high of over $49,000 on 3 October while Ethereum reached $3,480. Commenting on the latest crypto price action, Simon Peters, Market Analyst at eToro, said: “Crypto prices struggled to the end of September, failing to make gains for the majority of the month or even hold ground in some cases. However, major crypto assets rebounded over the weekend on the back of positive comments from the SEC’s Gary Gensler.”

“Bitcoin had a strong week, despite falling to below $42,000 at the end of September. October’s arrival saw the crypto asset jump in price over the weekend. It is now trading just below $48,000. Etherium likewise saw a start of October rally, having traded down to $2,800 at the end of last month. ETH jumped over the weekend, trading upwards and now around $3,350,” Peters added.