While reacting to Lebanon’s devaluation of its currency by 90%, Edward Snowden, in a Feb. 1 tweet, said that bitcoin has all it takes to fix this due to its fixed supply benchmark of 21 million.
Edward Snowden’s position on bitcoin transcends just seeing it’s a means of payment; bitcoin has the capabilities of decentralization, scalability, and transparency, which you can’t find with traditional currencies.
His tweet elicited opposing comments from subscribers, who mostly referred to the 2022 crypto winter that led to an 80% depreciation of bitcoin.
References were also made to El Salvador’s previous attempt to officially adopt bitcoin as a secondary legal tender but incurred huge losses because of the crypto winter.
But recent developments show that El Salvador’s economy could be doing better than stated, and it has been able to pay up its $800 million debt to the IMF.
The central American country has also reiterated its commitment to invest more in bitcoin mining using renewable energy to power its mining stations.
While experts like Snowden believe that bitcoin still has many hurdles to surmount, they are still optimistic about its potential to eventually become a better substitute for traditional currencies.
Snowden has been a big crypto advocate
Snowden has always been vocal about the need for the holistic adoption of digital gold (bitcoin).
During the 14th anniversary of the bitcoin whitepaper In Oct. 31, 2022, Snowden, in a tweet, appreciated Satoshi Nakamoto for bringing such a fantastic innovation and still staying anonymous since then.
Since disclosing the NSA papers in 2013, Snowden has sought asylum in Russia, where he was given unrestricted permanent residency in October 2020. On Sept. 26, 2022, Russian President Vladimir Putin granted him citizenship.
In Jan. 11, Edward Snowden launched a digitized version of the infamous Pentagon papers that he leaked to the public in 2013, the Ethereum-based NFT will be featured on the PleasrDAO and will be available on the PleasrHouse live stream events.
Source: https://crypto.news/edward-snowden-supports-bitcoin-solutions/