Edward Snowden, the whistleblower and former CIA employee, known globally for having released thousands of classified US government documents. He recently used the phrase “OK, Boomer” on Twitter in a derogatory way, as a taunt against JPMorgan’s anti-Bitcoin CEO Jamie Dimon.
“OK Boomer” replied Edward Snowden, the CEO of JPMorgan who has taken an anti-Bitcoin stance. Source: Twitter
However, Bitcoin has appreciated 7,000% since Dimon called it “a terrible store of value.”
Recently, Snowden has devoted much of his Twitter posts to cryptocurrencies. Last week, Snowden criticized central bank digital currencies, describing them as “crypto-fascist.”
Likewise, earlier this month, Snowden also opined that China’s bans have strengthened Bitcoin.
Snowden points out that Bitcoin has seen a significant increase in value since then. This, despite “a coordinated global campaign” to undermine the growth of cryptocurrencies. However, Snowden believes that cryptocurrencies are not out of the woods just yet.
In his response to a Twitter user who claims that governments are “delaying the inevitable,” he replied that “this doesn’t end until it’s over,” implying that governments could end up banning Bitcoin in the same way that they banned Bitcoin. gold for more than 80 years.
In 1933, President Franklin Roosevelt totally banned the ownership of gold, through “Executive Order 6102.” This ban was not repealed until President Gerald Ford observed a gold advocate on television who convinced him to end the ban in 1971.
Edward Snowden rejects the CBDC
Snowden called central bank digital currencies (CBDCs) “fascist” currencies which, in his opinion, would give more power to the state. He also said that the decentralized power of Bitcoin is unacceptable to traditional banks.
“A CBDC is a perversion of cryptocurrencies, or at least of its founding principles and protocols. It is a crypto-fascist currency, expressly designed to deny you basic ownership of your money by placing the state at the center of every transaction. Snowden posted via Twitter.
CBDC is not a ‘digital dollar’
The informant highlighted that this advance in the economic sphere is far from being a “digital dollar” as some may claim.
I’ll tell you what a CBDC is NOT: It is NOT, as Wikipedia might tell you, a digital dollar. After all, most dollars are already digital, and they don’t exist as something folded in their wallets, “said the insider.
Making a historical summary of the creation of money, Snowden interprets the CBDC as the last debasement of currencies in the history of the economy. Which were first minted with precious metals, then diluted with lead, then turned into pieces of parchment to finally reach the paper money bills that are still circulating today.
For Snowden, the goal of the new digital currencies is the same as what was seen in the past with the change from gold to paper money. The latter was intended to be a convertible currency equivalent to the value of gold. However, over the years, he ended up departing from this model. “The new digital token will circulate alongside the old physical token, which is increasingly absent.”
The United States does not need a CBDC
Finally, Snowden also opposed the idea that the United States needs to develop its own digital currency like China is doing.
“I believe that the United States does not need a CBDC despite the banks, whose activities are, in my opinion, lately much more secure and robust due to its ecosystem.”
The US insider’s comments come at a time when a growing group of countries want to dabble in CBDC development. Nigeria is rushing to test its e-naira in the coming months as the European Union makes progress on this matter.
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