- Edward Snowden has stated that he surely likes Bitcoin but privacy issues can become its major cause of failure.
- He also said that there are distinct crypto assets which can be considered as money akin to gold rather than currencies.
- Furthermore, he also said that competition among crypto assets is a net positive for the globe.
Edward Snowden On Bitcoin
Edward Snowden says he supports in the crypto movement, but that there are still significant obstacles to overcome in the next years.
The American whistleblower and President of the Freedom of the Press Foundation express his experiences on the commitment of the technological innovations in a digital interview at Consensus 2022 in Austin today, and provided a clear scathing critique of a world without financial privacy with regard to virtual currencies.
Snowden, who made headlines around the world in 2013 when he disclosed classified National Security Agency documents outlining monitoring techniques of American individuals, called Bitcoin’s public nature a “fundamental weakness” and claimed the primary reason it might fail is that it is not private.
“It’s underperforming as an electronic cash system as cash is mostly designed to be untraceable,” he explained, using the Bitcoin whitepaper as an example.
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Snowden reiterated that he was “very much a supporter” of Bitcoin and presented a comparison among gold and cryptocurrencies, stressing that the international nature of Bitcoin and crypto in general is “an astounding thing.” Snowden tweeted immediately after the debate, characterizing gold as “BTC which can not be transferred over the Web.”
Cryptocurrency As Money
Snowden went on to say that certain digital assets are “pretty close to money” than currencies.
Expanding on his thoughts on the technology’s potential. “Folks do not understand the distinction,” he explained, “money is a store of value, a symbol which can be transferred, and it is not commanded by any centralized power.”
He also cautioned against the financialization of the cryptocurrency business. He stated that the market is becoming increasingly polarized “because to the financialization of bitcoin,” and that he believes people are not concentrating enough on the technology itself.
Source: https://www.thecoinrepublic.com/2022/06/12/edward-snowden-thinks-that-bitcoin-is-a-frailty-as-an-electronic-cash-system/