Edward Snowden Talks about the Collapse of Crypto Prices, Dare to Read?

Jakarta, CNBC Indonesia – Edward Snowden admits that he still believes that cryptocurrencies will not lose their prestige even though the current crypto price continues to fall.

On the contrary, Snowden believes that crypto winter is able to filter out those who actually use crypto functionally.

“The only people left are people who use this network functionally or people who use it long term,” the whistleblower said at the 2022 TNW Conference, quoted from The Next Web, Thursday (23/6/2022). ).

Snowden does have a unique experience of the practical benefits of crypto. It uses servers to leak documents about government surveillance being paid for in Bitcoin.

The former NSA and CIA contractor is interested in the anonymity (no name) and utility of Bitcoin. It is a value that persists through market fluctuations.

“Crypto still works even if it costs US$60,000 or only $6,” he said.

Photo illustration of falling cryptocurrency or crypto prices (CNBC Indonesia/Edward Ricardo)

Despite these benefits, Snowden has raised the alarm about the Bitcoin “catastrophe”. He is also careful about treating cryptocurrencies primarily as investments.

Snowden also warned about efforts to centralize digital payments. He wants to thwart these efforts by returning to the spirit of crypto pioneers who pursue goals over profit.

He then gave the example of Mark Zuckerberg, who according to him cannot build a global social network and metaverse on his own. Countless users, employees, and investors must follow Zuckerberg directing their skills and time just to fulfill his ambitions.

“We need people to realize that this system doesn’t exist without their participation – especially those who are specialists,” said Snowden.

The current fall in crypto prices, however, will instead provide an unusual opportunity to reset or reset a sector.

“It’s like a forest fire. When the soil has been cleared, other things will grow again,” he concluded.

[Gambas:Video CNBC]

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