Edward Snowden, a former employee of both the NSA and CIA, has commented on the potential risks associated with traditional financial institutions entering the crypto market.
This could occur through the introduction of Bitcoin-based exchange-traded funds, an investment option that Snowden believes investors should approach with caution.
He has encouraged them to focus on identifying real use cases for cryptocurrencies, rather than just tracking price movements.
Snowden has also warned about the potential negative impact of large financial institutions pouring money into the market, potentially giving them too much power and taking away influence from ordinary users.
Snowden has also expressed concern over the lack of true anonymity in Bitcoin, making it easy for governments to trace transactions.
He has even used his own experience, when he leaked classified NSA documents in 2013, as an example of how governments can track individuals using cryptocurrencies.
He has criticized governments for attempting to regulate the industry and disregarded the opinion of SEC Chairman Gary Gensler, stating that he doesn’t care what Gensler thinks. Snowden believes that such attempts at regulation are actually “taming” the volatile digital asset market.
