{"id":23743,"date":"2023-10-16T13:00:04","date_gmt":"2023-10-16T13:00:04","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-amsterdam-focus-on-btc-fundamentals-says-edward-snowden\/"},"modified":"2023-10-16T13:00:06","modified_gmt":"2023-10-16T13:00:06","slug":"bitcoin-amsterdam-focus-on-btc-fundamentals-says-edward-snowden","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-amsterdam-focus-on-btc-fundamentals-says-edward-snowden\/","title":{"rendered":"Bitcoin Amsterdam: Focus on BTC fundamentals, says Edward Snowden"},"content":{"rendered":"
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\u201cWe\u2019re contorting ourselves to pass through the keyhole of tyranny.\u201d Edward Snowden\u2019s words ring out in the packed Genesis Stage hall at Bitcoin Amsterdam, stressing the preeminent cryptocurrency\u2019s ever-increasing importance in a world beset by creeping government surveillance, devaluing fiat currencies and restrictive policies.<\/p>\n

The renowned whistleblower\u2019s address summed up a recurring theme during the conference hosted in Amsterdam, driving home the role of decentralized protocols like Bitcoin and Nostr in handing individuals some semblance of control over their wealth and privacy.<\/p>\n

Cointelegraph spoke to prominent Bitcoin developers, investors, builders and supporters attending the two day conference at the picturesque Westerpark. In the midst of the ongoing cryptocurrency bear market that has tested the wider industry, the event managed to attract a couple of thousand event-goers looking for the latest news and insights from the BTC industry.<\/p>\n

Edward Snowden delivers a live virtual address during the conference.<\/figcaption><\/figure>\n

While these prominent figures highlighted the value proposition of Bitcoin as a store of value against diminishing purchasing power of fiat currencies, Snowden was critical of the continual focus on the value of BTC over its importance as decentralized tool:<\/p>\n

“We are all part of a bigger game and Bitcoin is one of the strongest levers in that. The systems that we are influencing, that we are exerting leverage on – payments and finance – will shape what the world of tomorrow looks like.”<\/p><\/blockquote>\n

Snowden\u2019s address attracted arguably the biggest gathering of visitors during the conference, as he revisited the role that Bitcoin played in his own journey rebelling against the hegemony of the U.S. government and its wanton surveillance of its citizens.<\/p>\n

In 2013, Snowden used Bitcoin to pay for the servers that hosted classified information that was sent to journalists that would reveal the overreach of the National Security Agency. As Snowden elaborated, Bitcoin\u2019s increasing prominence has led to increasing opposition from governments, lawmakers and legacy financial institutions.<\/p>\n

\u201cWe don\u2019t want to focus on things like ETFs (exchange-traded funds), we need to focus on the fundamentals.\u201d<\/p><\/blockquote>\n

Snowden added that the potential influence of Bitcoin ETFs on the value of the cryptocurrency represents “subordination, a kind of subjugation, a process of taming” that is being played out by institutions that regulate traditional financial spheres.<\/p>\n

Snowden also shared his belief that Bitcoin has \u2018a privacy problem\u2019, highlighting the emergence of obfuscation tools like coinjoin and mixers as important, but equally indicative of the pressure facing the decentralized protocol.<\/p>\n