Edward Snowden tweets about buying Bitcoin during yesterday’s market crash

Edward Snowden, the famous whistleblower, commented on Twitter about Bitcoin’s recent price crash that took down the entire crypto market. Snowden tweeted earlier today, noting that this is the first time in a while he felt like buying Bitcoin.

Snowden also stated that the current price drop was the result of too little reason and too much panic.

Snowden’s comment comes after a massive price crash that took Bitcoin down from $7,300 to $3,782 in less than 24 hours, causing the world’s first and largest crypto to lose 50% of its value. The drop itself comes as a consequence of worldwide fear, caused by the coronavirus outbreak that has now spread to most countries around the world.

The world is still in chaos due to the virus outbreak

The crypto market is not the only one that has suffered due to the virus’ spreading — the stock market has crashed, the price of gold has gone down in the last several days, and panic seems to be causing investors around the world to liquidate any asset they own.

Meanwhile, US President Donald Trump recently decided to introduce severe travel restrictions in response to the virus outbreak, while the New York Federal Reserve pumped $1.5 trillion into the US financial system.

The situation is not much better in other countries around the world, with Saudi Arabia and Russia contributing to the rising chaos by entering a price war within the oil sector, which is currently in a heavy freefall.

Peter Brandt, a well-known veteran trader who predicted the crypto winter of 2018, tweeted yesterday his prediction for the BTC price, saying tat his chart interpretation indicates that BTC would drop to $1,000.

Snowden has a history with crypto

Snowden, on the other hand, seems optimistic about the future of crypto. Two years ago, in 2018, he said that digital scarcity is the coins’ fundamental innovation, and in late 2019, he hinted that he himself might turn to Bitcoin to avoid the US’ attempt to restrict his access to profits from his book.

Even the servers that he used for leaking thousands of documents in 2013 were paid via BTC, although he criticized the blockchain for being too public. He also admitted to using Monero in March 2018 and has publicly supported Zcash due to its privacy features.