Edward Snowden to buy Bitcoin and focus on DeFi sector

Security Specialist Edward Snowden reveals that he could begin to buy back into the crypto market using DEXs
His opinion comes as BTC seems to be consolidating around $16k while analysts expect a further price drop

Famed whistleblower and former CIA subcontractor, Edward Snowden, has shared his thoughts on the cryptocurrency market, although stating that his comments should not be considered as financial advice.

In a tweet, Snowden revealed that the market still has a lot of trouble ahead. However, it is the first time in a while that he is feeling the “itch” to scale back into the market.

When most people say “this is not financial advice,” they’re lying, but this is actually not financial advice, since I have zero financial education and no idea what I’m doing.

— Edward Snowden (@Snowden) November 14, 2022

He highlighted that the last time he had a similar feeling and talked about it back in 2020, the market advanced to rallying from a bottom price. At the time, he noted that the market drop was due to “too much panic for too little reason.”

Snowden, who is a strong Bitcoin believer, also added that investors should practice using safe decentralized exchanges (DEX) to protect themselves from the risk of centralized exchanges going belly up.

Snowden has also spoken up about the U.S. government’s current handling of the FTX collapse. He maintains that regulators such as the SEC have been “palling around with the thieves who just robbed 5 million people” because they were big-time political donors. In contrast, the government was quick to sanction and arrest the developer of Tornado Cash for the crime of “building privacy tools to protect people.”

Snowden notably came to fame for his grouse with the government’s invasion of citizens’ privacy. As a National Security Agency security specialist, he blew the lid on the massive surveillance programs conducted by the U.S. government. He also holds the stance that central bank digital currencies (CBDCs) are a “perversion” that will give governments overarching powers over the finances of citizens.

BTC price consolidating at $16k?

Snowden’s crypto investment prompt is coming at a time when the price of Bitcoin (BTC), the benchmark cryptocurrency, has been ranging from about $16,000 to $17,100 in the past few days. At present, BTC is trading at a price of about $16,800, up 0.33 percent in the last 24 hours per our data.

The price range is a slight recovery from the plunge to the two-year low of $15,702 reached in the thick of the FTX crisis. Regardless, analysts have warned that the market may not have seen the last of the price squeeze and BTC may plunge further.

According to a Bloomberg report, analysts at global investment bank J.P. Morgan have opined that BTC could drop to around $13,000 as FTX’s problems could continue to cause deleveraging in the market and bring about a “cascade of margin calls.”