Edward Snowden, Elon Musk optimistic about Bitcoin despite FTX collapse
Important takeaways
- Edward Snowden stated on Twitter today that he wanted to increase his exposure to Bitcoin.
- Elon Musk similarly expressed optimism about the fate of the top cryptocurrency.
- Their comments come as the financial services industry as a whole reels from the impact of FTX’s implosion.
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Edward Snowden and Elon Musk believe Bitcoin will be fine despite FTX imploding last week, and Snowden even said he was considering increasing his exposure.
“BTC will make it”
Some of Bitcoin’s most famous advocates remain optimistic about Bitcoin despite the FTX fiasco.
American whistleblower Edward Snowden posted a Bitcoin chart on Twitter this morning, saying he was “starting to feel the itch to scale back into” the market. On the map was an earlier tweet from Snowden from March 13, 2020, which expressed a similar sentiment. Snowden’s old tweet is notable in that it was posted the day after Bitcoin infamously plunged from $8,000 to $3,000 due to market panic over Covid-19. If he did in fact buy Bitcoin that day, the former NSA contractor timed the market bottom perfectly.
Snowden added disclaimers to today’s tweet, saying he believes there is “still a lot of trouble ahead” and that he has zero financial education. Nevertheless, his positive view of the top cryptocurrency is noteworthy, considering that the financial industry at large is dealing with the consequences of FTX’s sudden collapse.
The crisis has revealed that the company’s founder, Sam Bankman-Fried – once lauded by legacy media publications and viewed favorably by lawmakers and regulators alike – illegally used billions of dollars of customer funds to finance his crypto trading firm, Alameda Research.
Snowden is not the only Bitcoin supporter to express optimism. A few hours ago, Tesla and SpaceX CEO Elon Musk too tired his opinion that Bitcoin was here to stay. “BTC will make it, but could be a long winter,” he commented on Twitter as some bemoaned the coin’s price action over the past year. While the billionaire’s relationship with Bitcoin has been turbulent, his opinion of the technology doesn’t seem to have changed in light of the FTX scandal. He might not even be particularly surprised, like him declared over the weekend that Bankman-Fried “started [his] bullshit detector” when the two met to discuss financing the Twitter acquisition.
Musk and Snowden’s comments stand in contrast to CNBC host Jim Cramer’s, which Friday encouraged viewers to “cash out crypto while they can.”
Disclaimer: At the time of writing, the author of this piece owned BTC, ETH and several other cryptocurrencies.
