Big companies want to ‘domesticate’ Bitcoin, says Edward Snowden

Edward Snowden Bitcoin Amsterdam 23 (Image: Reproduction / Youtube)
Edward Snowden Bitcoin Amsterdam 23 (Image: Reproduction / Youtube)

Edward Snowdenformer employee of NSA and from C.I.A, talked about the entry of traditional financial institutions into the cryptocurrency market. While many are optimistically awaiting the launch of Bitcoin ETFs in the first quarter of next year, Snowden appears more pessimistic, warning that institutional adoption poses more risks than benefits.

During his participation in the Bitcoin Amsterdam Conference on Thursday morning (12), Snowden stated that while investors focus on the price of Bitcoin, its real value lies in its real-world use cases.

He advised investors to look beyond the numbers and dive deeper into the technology and its applications. Moreover, he emphasized that the risk of governments controlling the market is high, and people should focus on protecting digital currencies from “institutionalization” and control.

According to him, developers should do everything they can to make Bitcoin more anonymous. Without this, he said, Satoshi Nakamoto’s vision will never become a reality and Bitcoin will become just a speculative “asset” on Wall Street.

Big companies want to ‘domesticate’ Bitcoin

Edward Snowden Bitcoin Amsterdam 2023 (Image: Youtube Reproduction)
Edward Snowden Bitcoin Amsterdam 2023 (Image: Youtube Reproduction)

One concern raised by Snowden was the growing popularity of Bitcoin ETFs. He believes that such instruments aim to ‘domesticate’ the market.

The former US intelligence official said that if large financial institutions enter the sector, the power they wield could be unbalanced, leaving little influence in the hands of ordinary users and small investors.

Snowden expressed disdain for government efforts to regulate the cryptocurrency market and said he does not care about the opinions of SEC Chairman Gary Gensler.

Instead of focusing on regulation, he believes that the community should work to make Bitcoin stronger and more secure, in line with the original vision of its creator, Satoshi Nakamoto.

Who is Edward Snowden

Edward Snowden is a former systems analyst who worked for the United States National Security Agency (NSA) and the Central Intelligence Agency (CIA). He rose to fame in 2013 when he leaked thousands of secret NSA documents.

The documents revealed extensive domestic and international surveillance programs operated by the NSA and its international counterparts.

Some of the information revealed by Snowden included details about how the NSA collected phone call data from millions of Americans and how it intercepted communications from foreign leaders.

After the documents were leaked, Snowden fled the United States and eventually found asylum in Russia, where he currently resides. His decision to leak classified information and subsequent revelations sparked important international debates about privacy, civil rights and the extent of government surveillance.

He had already spoken out in the past about the value of cryptocurrencies. In June 2022, Snowden emphasized that Bitcoin’s true value lies not in its investment potential, but rather as a means of payment.

Additionally, he revealed that he had participated in the creation of the privacy-focused cryptocurrency Zcash.

Snowden’s speech serves as a reminder to Bitcoin investors to focus on the digital currency’s fundamental purpose, rather than getting carried away by market hype and speculation.

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