Edward Snowden, the notorious whistleblower, expressed some concerns about Shiba inu’s ability to bring wealth to its owners. He said that the meme coin was nothing but a “clone” of dog money, which can be dangerous as an investment strategy.
Don’t mortgage the farm to buy SHIB
Edward Snowden, a former National Security Agency consultant, tweeted his opinion on the Shiba Inu (SHIB) craze. The self-described Dogecoin murderer has hit consecutive all-time highs and captured public attention, but the American doesn’t believe it is a smart investment.
I say this in love
If you were tempted to exchange your hard-earned savings in order to get some dog money, you should carefully think about your chances of outsmarting a marketplace that bought you its stake *not even dog money but CLONE of dog cash*
— Edward Snowden (@Snowden), October 31, 2021
Dogecoin is also not liked by Snowden. SHIB, however, is more risky because it is not dog money but a clone.
The 38-year old advised that people try their luck with Shiba Inu’s “garbage” asset, provided they have the money to lose.
The problem is when they are emotionally manipulated into mortgaging a farm based upon a meme’s worth understanding. You can’t afford Happy Meals if you are looking to buy lottery tickets. Rent money is not your only option.
Despite being garbage, Shiba Inu is the top cryptocurrency market performer. Its price has risen by around 100,000,000% in the past month. While many people believe it lacks any utility or functionality, it is important to note that it is the largest meme coin by market capitalization.
Snowden Does Not Like CBDC Either
A central bank digital currency is another asset Snowden views negatively. Snowden said last month that CBDCs could damage the monetary system, claiming they could give a lot more power to governments and less freedom to the citizens. He called them a “cryptofascist cryptocurrency” and “perversion of cryptocurrency”.
Snowden gave China as an illustration, where the total crypto crackdown and progressive release of digital yuan are intended to “increase State power to impose itself in middle of every transaction.”
Different perspectives on Bitcoin
The American has a history of controversy with the primary cryptocurrency but he seems to now be in support. He praised the stability of bitcoin, and said that the Chinese ban had not affected it. It actually has “just made Bitcoin stronger.”
Snowden also spoke out about BTC’s price movement, specifically its rise from $4,000 (its USD worth during the COVID-19 pandemic) to its current heights a year and half later.
Marla Brooks – Financial Analysis
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