Edward Snowden and Elon Musk think Bitcoin will be OK after the collapse of FTX last week, with Snowden even discussing expanding his exposure.
Despite the FTX crisis, several of Bitcoin’s most prominent backers remain positive about the cryptocurrency.
Edward Snowden, an American whistleblower, tweeted a Bitcoin chart indicating that he was “beginning to feel the itch to get back in” to the market.
Snowden added warnings to the post, adding that he feels there is “still a great deal of danger ahead” and that he has no financial training. Despite this, his optimistic stance on the leading cryptocurrency is noteworthy, given that the financial sector as a whole is dealing with the aftermath of FTX’s unexpected crash.
The crisis has exposed that Alameda Research’s founder, Sam Bankman-Fried, who was formerly praised by traditional media outlets and seen highly by politicians and authorities, unlawfully utilized billions of dollars in client funds to fuel his crypto trading operation.
Snowden is hardly the only Bitcoin advocate with an optimistic outlook. “BTC will survive, but it might be a hard winter,” Elon musk wrote on Twitter after someone criticized the coin’s price movement over the last 12 months. Despite the billionaire’s rough history with Bitcoin, he still seems to have a positive view of the cryptocurrency despite the recent FTX incident.
Musk and Snowden disagree with CNBC anchor Jim Cramer, who on Friday advised viewers to “cash out on crypto while you still can.”
Also Read: FTX Requested SEC Exemption But Was Denied
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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