Edward Snowden suggests focusing on Bitcoin fundamentals instead of ETFs
Popular Bitcoin supporter Edward Snowden shared his suggestion for Bitcoin proponents to push Bitcoin adoption.
Edward Joseph Snowden is a United States and naturalized Russian citizen who is computer intelligence consultant and whistleblower. In 2013, Snowden grabbed popularity across the world as he leaked highly classified critical information from the National Security Agency (NSA). At the time, he was an employee and subcontractor at NSA.
Recently Cointelegraph’s journalist spoke with some top Bitcoin proponents during the two-day conference at the picturesque Westerpark.
During the interview, the majority of the Bitcoin supporters highlighted the value proposition of Bitcoin as a store of value against the diminishing purchasing power of fiat currencies. Among those proponents, Snowden was critical of the continual focus on the value of BTC. In short, Snowden objects and suggests people should not focus on the Bitcoin trade price, but instead focus on the decentralized nature of Bitcoin.
According to Snowden, we are in the Bitcoin vehicle and this game is very big which is impacting perfectly against government surveillance.
Furthermore, the former US NSA employee said that we should not focus on the Bitcoin spot ETF-like products, but instead focus on the fundamentals of Bitcoin.
Snowden believes that Bitcoin spot ETF-like products will mainly be controlled by the big players & financial institutions. In short, ETF products will negatively affect Bitcoin because of the big player’s entry into the Bitcoin market.
This prominent Bitcoin supporter also raised concerns related to the lack of privacy in the Bitcoin network, as all the transactions on the Bitcoin network always remain visible. According to him, the crypto mixture platforms are playing an important role in fighting against this challenge but such platforms are facing pressures. Probably he dragged attention toward the popular Ethereum mixture Tornado Cash, banned by the US authorities in 2022.
Bitcoin price action
The current trade price of Bitcoin is $28,247 & this trade price is 5.22% higher over the last 24 hours.
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