Edward Snowden: Crypto Is Good for Use, Not for Investment

UTC by Tolu Ajiboye · 3 min read
Edward Snowden: Crypto Is Good for Use, Not for Investment
Photo: Web Summit / Flickr

In the virtual session, Edward Snowden suggested that crypto is not a prudent form of investment but may be used as a medium of exchange.

Infamous American whistleblower Edward Snowden believes that crypto is better as an expendable asset than a form of investment. The former computer intelligence consultant made this assertion at a virtual media session in Austin, Texas, saying:

“I use Bitcoin to use it. In 2013, Bitcoin is what I used to pay for the servers pseudonymously. Generally, I don’t encourage people to put their money in cryptocurrencies as a technology, and this is what distances me from a lot of people in the community.”

Edward Snowden Defends Crypto Industry Against Tech Criticism

Snowden also defended the crypto industry following earlier criticism by some tech experts this month. Recently, a group of experts wrote a letter to US lawmakers describing digital currencies and blockchain as risky, error-prone, and untested. In addition, the complaint also attempted to sway Washington’s efforts away from pro-crypto lobbying in the crypto industry.

“We urge you to resist pressure from digital asset industry financiers, lobbyists, and boosters to create a regulatory safe haven for these risky, flawed, and unproven digital financial instruments.”

According to Edward Snowden, the letter’s signatories cited problems already known about the crypto industry. He suggested that these people are deliberately using recycled arguments to deliberately misrepresent the sector. Snowden specifically called the letter “an argument for the status quo,” adding that there are more than enough ways to address the signatories’ concerns.

Generally, Snowden dismissed the letter and described the signatories as “prolific public trolls”. However, he praised the lead signatory Bruce Schneier, commending him for laudable work in the field of cryptography.

Internet Privacy & Ukraine War

Speaking on the current state of internet privacy, Snowden had a mixed take. According to him, there is great progress made so far on communications content encryption. However, there is still some concern surrounding metadata records showing the existence of communications.

“Think of it like a van with dark windows driving down the highway, you can’t see who the passengers are, but you can still see where the van left from, where it ended up, how long it took – that type of thing,” said he.

He further added that there is an urgent need to make more transactions similar “so everyone is driving the same kind of vans.”

Asked about the war in Ukraine, Snowden revealed that he was working on a write-up around the war, and will eventually publish it.

2013 NSA Leak

Snowden rose to notoriety back in 2013 when he leaked highly classified information from the National Security Agency (NSA). His disclosures revealed multiple global surveillance programs run by the NSA in conjunction with the Five Eyes Intelligence Alliance. Also complicit in these seemingly perceived unethical programs were several telecommunication companies and European governments. Snowden’s leak sparked a massive cultural debate and discussions around national security and individual privacy. There also is a report connected to Snowden that the NSA is monitoring the Bitcoin network.

Cryptocurrency News, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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