Edward Snowden: The Best Time to Buy Bitcoin is Now
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:
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