Edward Snowden’s faith in cryptocurrencies hasn’t faded during the current market crash. Quite the opposite, in fact.
Snowden believes crypto winters separate the scams from the legitimate uses.
“The only people that remain are the people that are either using these networks functionally… or the people who are there for the long term,” the whistleblower said at TNW Conference 2022.
When the ground has been cleared, things will grow again.
Snowden has unique experience of crypto’s practical benefits. The servers that he used to leak documents about government surveillance were paid for with Bitcoin.
The former NSA and CIA contractor was attracted to Bitcoin’s pseudonymity and utility. These are values that persist through market fluctuations.
“It still works whether the price is $60,000 or whether the price is $6,” he said.
Despite these benefits, Snowden has raised alarm about Bitcoin’s “disastrous” privacy. He’s also wary of treating cryptocurrencies primarily as investments.
“Everybody’s talking about getting rich and things going to the moon. How is that going to happen if no one is actually using these things functionally? And they work well — they work better every year for the purposes they’re actually intended for.”
At TNW Conference, Edward Snowden discussed the…
