With the collapse of cryptocurrency values, we would tend to predict a bleak future for this sector. However, as The Next Web reports, whistleblower Edward Snowden continues to be optimistic about them. And the current crypto winter has not reduced his enthusiasm for this technology, quite the contrary.
Snowden spoke on the subject at the TNW 2022 conference. While some players are still hoping that the value of Bitcoin will exceed $ 100,000 later, Snowden observes above all that the current crisis will make it possible to sort out the scams and the legitimate uses.
Edward Snowden sees Bitcoin as a means of payment, but not an investment
According to him, the people who will stay after this crisis are the people who use the network’s functionalities, or those who see things in the long term. And indeed, when it comes to the features of Bitcoin, these are the same whether the value of the crypto is $60,000 or $6.
The whistleblower has always encouraged the use of Bitcoin as a means of payment, and not as an investment. In 2013, to pay the servers that hosted his leaked confidential documents, he took advantage of the pseudonymous nature of Bitcoin.
“Everyone talks about getting rich and going to the moon. How is it going to be if no one is actually using these things functionally? And they work well – they work better every year for the purposes for which they are really intended”he said during the TNW conference.
However, Snowden has also previously voiced criticisms of bitcoin privacy. In 2021, on Twitter, the whistleblower said Bitcoin’s “disastrous privacy” was the missing piece of cryptos.
“Every expert understands that this is a problem, but – as experts – they themselves know how to offset the risk in their own personal interactions with Bitcoin, and therefore feel no urgency to solve it”he also explained.
Note that Edward Snowden’s opinion on Bitcoin diverges from that of Sam Bankman-Fried, the founder and CEO of the FTX platform. The latter said in May that BTC lacks the scalability to become a true payments network that can handle millions of transactions per second. On the other hand, he considers that Bitcoin can still have a future as an asset, as a commodity or as a store of value, like gold.
The value of Bitcoin is collapsing, and companies laid off
Snowden continues to be bullish as BTC’s slide continues. In recent days, the value of the crypto has even fallen below the symbolic bar of 20,000 dollars.
And in industry, many companies are tightening their belts using their workforces. Among the companies affected by this wave of layoffs are Coinbase, Gemini and Crypto.com.
But other players have reassured their employees, to name only Binance and Kraken. The latter even believes that bear markets are an opportunity to sort things out.
“That’s why, despite a sharp drop in crypto prices and an uncertain macro environment, we’ve taken this opportunity to align our internal culture around a set of shared values that we believe keep us nimble, focused and forthcoming in executing our mission in the years to”the company also said.