Bitcoin, the largest cryptocurrency in the world, has another supporter in Edward Snowden. Snowden is a former NSA employee. Snowden stated that Bitcoin has risen more than 1,000% in the past three months despite China’s crypto ban.
“Sometimes, I think back to see how many people bought Bitcoin March 2020. It has risen 10x in the past despite coordinated global campaigns by governments to reduce public understanding and support for cryptocurrency. It was even banned in China, but it only made Bitcoin stronger,” Snowden stated on Twitter.
Bitcoin was at its lowest point in March 2020 at $5,000. The world’s most valuable digital asset, Bitcoin, has enjoyed a huge popularity among institutional and retail investors. This has led to a nearly 1,000% increase in its value over the past 18 months. BTC currently trades above $47,500 and has a market capitalization of around $900 billion.
Over the past 12 months, Bitcoin has overcome major obstacles. China had announced earlier this year a complete ban on crypto mining in China. Bitcoin’s mining rate fell by more than half. The recent rebound in BTC’s mining rate has led to record mining revenues.
Bitcoin Price Action
After a difficult September, Bitcoin began October with a significant rally. BTC reached a record high of $49,000 on October 3, while Ethereum surpassed $3,480. Simon Peters, Market Analyst from eToro commented on the latest crypto price action. He said that “Crypto markets struggled until the end of September. They failed to make gains for most of the month, or even hold steady in some cases.” Positive comments by Gary Gensler, the SEC’s Chairman, helped major crypto assets rebound over the weekend.
“Bitcoin experienced a strong week despite falling below $42,000 at September’s end. The crypto asset saw a sharp rise in its price since October’s arrival. It now trades at just $48,000. Etherium also saw an October rally. It traded at $2,800 at month’s end. Peters said that ETH traded higher over the weekend and is now at $3,350.”
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