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Edward Snowden: The Best Time to Buy Bitcoin is Now

Anthony Cerullo
March 18, 2020
Edward Snowden, bitcoin, buyBTC, corona, crypto lending platform

For those familiar with the cryptocurrency industry, every other day there is some market “guru” telling us to buy Bitcoin (BTC) because it will “moon” someday. At this point, these opinions mean little but recently, a notable figure offered his hot take and there are several reasons why we should all listen. Edward Snowden, the world-famous refugee, and whistleblower says now is the best time to buy Bitcoin. Unlike other comments before his, this one is backed by several points of evidence.

Edward Snowden says there is “too much panic” in this current market

Due to the perfect storm of the Coronavirus outbreak, the global stock market crash and the oil market crash, cryptocurrency also experienced its own major downfall. However, unlike market crashes in the past, this one was not based on corruption or over inflation. In fact, there was not much behind this crash beside the elements of fear and panic.

That being said, Snowden believes the market will bounce back for a variety of reasons. As a result, he made the bold claim that now is the best time to buy BTC as the market has bottomed out.

Is Edward Snowden right? (here is evidence backing him up)

Despite Snowden’s intelligent reputation, this prediction is still just a prediction. We cannot be 100% sure he is right but there are several factors suggesting he is on the correct track. For example:

  • Coinbase and Google Pay announce a partnership. Users can use Coinbase Debit Card with Google pay.
  • The Federal Reserve’s Quantitative Easing program could boost Bitcoin’s strength. 
  • The crypto “fear and greed index” bottomed out. This is often a good buy signal.
  • The U.S Federal Reserve is launching two emergency plans to help easy businesses and households through the COVID - 19 crisis.
  • Exchanges are reporting a very high inflow of stablecoin and fiat into the exchanges in preparation for mass buying. 
  • The 200-week moving average was tested for the third time in history and has not yet broken through. This is a good sign that the market is strong. 
  • Tether printed out new USDT to help with a relief rally
  • Chicago Futures: The Commodity Futures Trading Commission (CFTC) shows in its weekly report that a number of big players are opening up long positions.

While this is all good news, there are still some negative factors to consider in regards to Eric Snowden’s statement: 

Here is why Eric Snowden may be wrong

There are several factors regarding the current market that may also suggest Eric Snowden’s prediction is not correct. For example:

  • Some analysts predict Bitcoin’s bottom will be at $3,000
  • BitMex leaders do not know where they stand in the long term. Their short term profits are documented but this is not a good indicated of medium to long term results. 
  • The market may want to test a new bottom for the first time before going up again. 
  • Bitka and Ethereum reported a negative technical analysis
  • The “Fear and Greed Index” is mostly based on analysis from the press and these negative articles do not seem to be ending anytime soon.

Should we listen to Edward Snowden?

Despite Snowden’s intelligent reputation, we can never be sure if his prediction is correct. One thing is for sure though. The crypto market is really showing it’s independence from the traditional stock market. After the initial drop last week, cryptocurrency has remained more or less stable compared to the traditional stock market and that is a good sign. Perhaps the market will go down further or perhaps it will increase. It is too early to tell and many logical statements are being covered up by fear and panic.

That being said, all market movements should be seen as an opportunity with the right strategy. To help, YouHodler has several tools in place: 

  • Crypto Loans: Get instant EUR or USD in exchange for your cryptocurrency as collateral. Get cash for your daily needs without selling your crypto assets. 
  • Turbocharge: Use your crypto as collateral for a “chain of loans” that helps you acquire larger amounts of cryptocurrency for less with the idea of profiting later when the market recovers. Manage your Turbo Loans with a variety of tools so you can get your desired result. 
  • MultiHODL - Similar to Turbocharge but users can multiply any crypto on the platform, even if they don’t own it. Simply choose any currency from your wallets or savings account, set your desired profit/risk levels and initiate the process. Stockpile more crypto and benefit when the market recovers.
  • High Yield Savings Accounts: A safe and stable way to earn crypto. Earn up to 12% APR on all stablecoin deposits, 4.8% APR on Bitcoin deposits and 3% on BNB deposits. 
  • COMING SOON - Don’t fear market drops anymore. Soon, YouHodler will unveil Short Positions powered by crypto loans. This will give you a loan to sell crypto so you can profit off the market’s drop. Hence, YouHodler now has tools to truly help users benefit in all market conditions.

      DO YOU WANT TO BUY BTC? GET THE CASH YOU NEED AT THE RATE YOU WANT

About the Author
YouHodler Blog Editor

Senior Content Manager/Editor of the YouHodler blog. Connect with him about writing techniques, cryptocurrency, and music.

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