July 21, 2024
Edward Snowden Highlights the Significance of Crypto in Challenging Tyranny
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Edward Snowden Highlights the Significance of Crypto in Challenging Tyranny

“We’re contorting ourselves to pass through the keyhole of tyranny.” Speaking to a full Genesis Stage hall at Bitcoin Amsterdam, Edward Snowden emphasized the paramount cryptocurrency’s rising significance in a world plagued by invasive government monitoring, declining fiat currencies, and constrictive laws.

The well-known whistleblower’s speech encapsulated a recurrent theme throughout the conference held in Amsterdam, bringing home the importance of decentralized protocols like Bitcoin and Nostr in giving people some kind of control over their money and privacy.

The event managed to draw a few thousand attendees eager for the most recent news and insights from the BTC business despite the continuing cryptocurrency bear market that has challenged the larger industry.

While these well-known individuals emphasized Bitcoin’s value proposition as a store of wealth against the declining purchasing power of fiat currencies, Snowden criticized the continued emphasis on the price of BTC over the significance of BTC as a decentralized tool.

“We are all part of a bigger game and Bitcoin is one of the strongest levers in that. The systems that we are influencing, that we are exerting leverage on – payments and finance – will shape what the world of tomorrow looks like.”

Edward Snowden

As he examined the role that Bitcoin played in his path fighting against the power of the U.S. government and the indiscriminate monitoring of its population, Snowden’s talk gathered likely the largest audience throughout the conference.

In 2013, Snowden paid for the servers that housed the confidential material that was supplied to journalists to expose the National Security Agency’s overreach using Bitcoin. According to Snowden’s explanation, governments, parliamentarians, and established financial institutions are becoming more and more opposed to Bitcoin as its popularity grows.

“We don’t want to focus on things like ETFs (exchange-traded funds), we need to focus on the fundamentals.”

Edward Snowden

The possible impact of Bitcoin ETFs on the price of the cryptocurrency, according to Snowden, shows “subordination, a kind of subjugation, a process of taming” being carried out by organizations in charge of overseeing traditional financial domains.

Snowden also expressed his opinion that Bitcoin has “a privacy problem,” pointing out the importance of but also the strain the decentralized system is under from obfuscation tools like coinjoin and mixers.

“Acting in secret is not freedom. The necessity of coinjoins and so on – that is because you are un-free. Proof of funds is proof of unfreedom.”

Edward Snowden

The actions of the Securities and Exchange Commission in 2023 against the larger cryptocurrency space were cited by Snowden as an excellent illustration of the current level of control, and he argued that society needs to stop requesting approval by continuing to innovate with the development of decentralized tools that do not pay attention to the powers that be.

“All of the people tracking price and looking at headlines involving the SEC. Gary Gensler is not Daddy Bitcoin. I don’t really care what he thinks and I don’t think you should either.”

Edward Snowden

The whistleblower also gave credit to Nostr’s development, praising it for its ability to conceptualize the fusion of free speech and free trade. The Nostr developers would subsequently discuss the platform’s origins at the conference, which attracted a sizable audience.

Image: Wikimedia Commons

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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