December 11, 2023 8:40 pm

Edward Snowden emphasizes importance of BTC fundamentals in current landscape.

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The keynote address by Edward Snowden at the Bitcoin Amsterdam conference emphasized the growing importance of cryptocurrencies like Bitcoin and decentralized protocols in a world plagued by government surveillance and restrictive policies. Snowden, a renowned whistleblower, spoke to a packed audience at the Genesis Stage hall, highlighting the role of Bitcoin and platforms like Nostr in providing individuals with control over their wealth and privacy.

Despite the ongoing bear market in the cryptocurrency industry, the conference managed to attract thousands of attendees, including prominent Bitcoin developers, investors, builders, and supporters. These industry figures emphasized Bitcoin’s value as a store of wealth in contrast to the diminishing purchasing power of fiat currencies. However, Snowden criticized the tendency to focus solely on Bitcoin’s value, urging people to recognize its significance as a decentralized tool.

Snowden’s address drew the largest crowd of visitors during the conference, as he recounted his own use of Bitcoin in his rebellion against the US government’s surveillance practices. In 2013, Snowden used Bitcoin to pay for servers that hosted classified information, which was later revealed to journalists to expose the overreach of the National Security Agency. Snowden pointed out that Bitcoin’s increasing prominence has led to growing opposition from governments, lawmakers, and legacy financial institutions.

According to Snowden, the potential influence of Bitcoin exchange-traded funds (ETFs) on the cryptocurrency’s value represents a form of subjugation and taming of the decentralized protocol by institutional regulators. He argued that the focus should be on the fundamentals of Bitcoin rather than on ETFs. Additionally, Snowden expressed concerns about the privacy of Bitcoin, citing the emergence of obfuscation tools like coinjoin and mixers as indicative of the pressures facing the decentralized protocol.

Snowden called on society to stop seeking permission from authorities and instead continue to innovate with decentralized tools that do not adhere to existing powers. He dismissed the actions of the US Securities and Exchange Commission (SEC) against the cryptocurrency space in 2023 as an example of the control that currently exists. Snowden urged people not to pay heed to the opinions of figures like Gary Gensler, the chairman of the SEC, stating that his thoughts on Bitcoin should not be given much weight.

Snowden also praised the creation of Nostr, a decentralized platform that integrates free speech and free trade. The creators of Nostr had an opportunity to discuss the genesis of the platform at the conference, drawing a significant crowd.

In conclusion, Snowden’s address at the Bitcoin Amsterdam conference highlighted the increasing importance of cryptocurrencies and decentralized protocols in a world grappling with government surveillance and restrictive policies. He stressed the need for individuals to regain control over their wealth and privacy, encouraging innovation and resistance against existing powers.

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Original Source: Edward Snowden emphasizes importance of BTC fundamentals in current landscape.

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