The popular whistleblower Edward Snowden has joined the list of people believing that the Chinese ban on Bitcoin will actually benefit the cryptocurrency. He also recently wrote about BTC’s price, which is roughly 10x higher than the last time he did.
The Chinese Ban is Good for Bitcoin
Although the world’s most populated nation has been against the cryptocurrency industry for almost a decade, the country took its hostile stance a step further this year. Back in May, it reiterated its ban but also intensified it by going after miners, many of whom had to close their services or relocate to other, more friendly environments.
Later in September, China’s central bank also prohibited all local organizations from dealing with companies associated with the digital asset space. Somewhat expectedly, these developments led to short-term price drops for BTC and the rest of the market, even though they are not exactly new.