u.today
The infamous whistle-blower Edward Snowden has commented on the recent acknowledgement of Bitcoin a legal tender by EL Salvador. He believes that it is now important for other nations to adopt BTC as well.
“Latecomers may regret hesitating”
Snowden has commented on a post by a crypto journalist Aaron van Wirdum who has been able to pay for his McDonalds meal in San Salvador on September 7 and boasted this fact on Twitter.
Prior to that, it U.Today reported that the government of El Salvador had purchased 400 Bitcoins.
In his post, the whistleblower wrote that now there is “pressure on competing nations” to start buying the flagship cryptocurrency. Bitcoin’s design massively incentivizes early adoption, Snowden pointed out.
He believes that nations that will adopt Bitcoin late may regret doing so.
Today Bitcoin was formally recognized as legal tender in its first country.
— Edward Snowden (@Snowden) September 7, 2021
Beyond the headlines, there is now pressure on competing nations to acquire Bitcoin—even if only as a reserve asset—as its design massively incentivizes early adoption.
Latecomers may regret hesitating https://t.co/mggfDk4v9z
Snowden felt like buying Bitcoin
In March last year, Snowden for the first time admitted that he felt like buying some Bitcoin – this was the time when the lockdowns started around the globe and the Black Thursday arrived all of a sudden.
His post was published the following day, on Friday 13, when Bitcoin was still 50 percent down from a day’s fall. Not only the crypto market was bleeding heavily that day, so was the stock market and other traditional assets. Crude oil went below zero too.
Many Bitcoiners tweeted they were buying the dip on those two days, when Bitcoin went down below $4,000 from around $8,000 level.
However, later on, Snowed slammed Bitcoin for lack of privacy.
Bitcoin faces brutal crash from $50,000
On September 7, Bitcoin demonstrated a massive decline, dropping from $50,767 to the $44,672 level. It then made a small recovery to the $47,000 zone but then dipped again to the $44,500 area despite the victorious adoption in El Salvador as many traders were apparently sweeping profits from the table.
At the time of writing this, the flagship cryptocurrency is changing hands at $46,151, as per the data provided by CoinMarketCap.
