Edward Snowden urged against investing in cryptocurrencies

According to a former CIA official, digital assets should be used as a means of payment

13.06.2022 - 08:10

1 min

What’s new? A former US Central Intelligence Agency (CIA) and National Security Agency (NSA) official Edward Snowden has said that cryptocurrencies have value when used as a means of payment, but not as an investment. He also noted that he does not call for investing in digital assets as a technology. He reported this in his online speech at the Consensus 2022 conference.

News on the CoinDesk website

What other statements have been made? Snowden has come out in defense of the crypto industry in the face of criticism that a group of tech experts had previously lashed out at this type of asset. In a letter to US lawmakers, they called for the industry’s lobbying efforts to be countered. According to Snowden, the authors misunderstand the concept of the crypto industry and are “prolific public trolls.”

In April, Edward Snowden admitted that he was the sixth person involved in the creation of the anonymous cryptocurrency Zcash (ZEC) in 2016. In the creation ceremony, six people performed a number of tasks and took possession of parts of the private keys. Combining all the keys would allow the creation of an unlimited amount of cryptocurrency. The finale of the ceremony in the fall of 2016 was the destruction of these keys. If at least one of the six people destroyed their part of the key, the ceremony was considered a success.

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