Robert Steinadler, 21 days ago

Edward Snowden is getting eager to buy Bitcoin, here is why

Edward Snowden is yet another prominent Bitcoin proponent, who lives in exile and often publicly comments on current events via Twitter. This time he wasn’t concerned about the state of affairs with FTX and all the buzz that is going through the media, but with the current price of Bitcoin.

Why is Snowden getting itchy to buy Bitcoin at this price range and who else is on his side with that assessment?

Buy low, sell high

Last week Snowden made a couple of remarks regarding the price action of Bitcoin and the overall market. He reminded his audience that the last time when he felt like buying Bitcoin and publicly tweeted about it, the bottom of the Corona crash was reached.

It is important to remember that Snowden is not a financial advisor and has no exclusive insights into the crypto market. According to him, he feels that it is time to scale back into Bitcoin which is revealing two things. First, Snowden is not invested or sold his position earlier and second, that he is not thinking about buying here, but rather slowly adding to his position and building it up.

This also leaves the clue that he is aware that it is still possible for the Bitcoin price to go down further. Nevertheless, he would start buying at the current price levels we have seen over the last few days.

El Salvador, Elon Musk and Justin Sun

Snowden is not alone with his assessment. It was yesterday when El Salvador announced that the country would start today buying 1 BTC per day. Justin Sun was quick and pledge to do the same alongside of El Salvadors president Nayib Bukele.

Elon Musk also shared his view recently on Bitcoin and of course on Dogecoin, which is clearly his favorite. According to Musk, Bitcoin could see more pain in the coming weeks but he is also sure that the mother of all cryptocurrencies will recover at some point in the future.

Nobody can predict what the future holds and if Bitcoin is going to recover swiftly. It seems that the support for BTC is unbroken not only among true believers, but also among those who have voice that his heard by millions of people worldwide. With that being said, we soon will find out if Snowden’s approach to technical analysis turns out to be correct or not.

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