Bitcoin Daily: Edward Snowden Thinks China Crypto Ban Has Boosted Bitcoin; Bitcoin Inches Closer to $50K

Edward Snowden said he thinks China’s crypto ban has been a boon for bitcoin, Decrypt reported.

Snowden said he thinks bitcoin needed to become “private by design,” per the report. In March 2020, he posted that it was the “first time in a while” he’d felt like buying bitcoin, as a drop at the time was “too much panic and too little reason.”

Quoting the tweet now, he added that bitcoin “is up ~10 since, despite a coordinated global campaign by governments to undermine public understanding of — and support for — cryptocurrency,” the report stated.

In other news, bitcoin is getting close to $50,000 for the first time since El Salvador made the currency a legal tender last month, Bloomberg reported.

Bitcoin was previously down as low as 3.2% to $46,933 in earlier trading. But then it edged up 1.6% to $49,237 as of 2:32 p.m. in New York trading, according to the report.

Bitcoin previously fell around 17% on Sept. 7 as the El Salvador news came in, with the rollout of that project being marred by technical glitches, the report stated. The test in El Salvador is the largest to date regarding how the world’s most popular crypto fares in the real world.

Meanwhile, financial advisers are making the case that cryptocurrency could have a place in investment portfolios or retirement accounts, The Wall Street Journal reported.

The pitch to investors is: “You win when bitcoin goes up, and you can win when it goes down,” per the report.

There are now some products from personal money managers making it so investors can buy their own stashes of various crypto through their brokerage accounts, according to the report.

In investing, big losses can follow big gains, and advisers have offered up a way for investors to buy the crypto through a broker, the report stated. If crypto falls by a certain amount, the accounts will automatically sell the coins and generate a taxable loss to offset other investment gains.

Then the accounts can buy the coins back a bit later for around the same price, according to the report.

Lastly, Greenridge, a NASDAQ-listed bitcoin mining firm, has reported mining $34 million worth of bitcoin, or 729 bitcoin, in the third quarter of 2021, The Block reported.

From July 1 to Sept. 30 this year, Greenridge brought in revenue between $33 million and $37 million, with a net loss between $16 million to $19 million, according to the report.