Edward Snowden cautioned investors that dealing with Shiba Inu’s “trash” status may result in catastrophic losses. Edward Snowden expressed reservations about the Shiba Inu and its proclivity for bringing prosperity to their owners. According to him, the meme currency is just a “clone of dog money” that may quickly devolve into an extremely risky investment technique.
Edward Snowden, a former National Security Agency contractor, is the latest person to weigh in on the current Shiba Inu mania through a recent tweet (SHIB). Despite the fact that the self-proclaimed Dogecoin killer has recently achieved successive all-time highs and garnered widespread attention, the American believes it is not a prudent investment.
Snowden, meanwhile, is not a fan of Dogecoin. However, SHIB is much riskier, he continued, since it is “not even dog money, but a clone of dog money.”
Nonetheless, the 38-year-old recommended people to gamble on the “trash” asset Shiba Inu, as long as they spend money they are willing to lose:
“The issue arises when people are emotionally duped into mortgaging the farm on the basis of a meme’s worth of comprehension. If you want to spend some Happy Meals money on lottery tickets, go ahead and do it. However, not for the rent money.”
Whether it’s garbage or not, Shiba Inu has been the market’s best performer in recent months, with its price surging by about 100,000,000 percent since the start of 2021. And, although many say it has no use or functioning, it is worth mentioning that it has grown to become the biggest meme currency by market valuation.
Another financial asset on which Snowden is pessimistic is a central bank-issued digital money. He said last month that CBDCs might be detrimental to the monetary network, stating they could provide governments an excessive amount of authority while limiting citizens’ rights. He continued by referring to them as a “perversion of cryptocurrencies” and a “cryptofascist money.”
Snowden cited China as an example, where the government’s comprehensive crypto crackdown, paired with the gradual release of the digital yuan, is meant to “enhance the State’s power to impose itself on every single transaction.”
Although the American’s relationship with the principal cryptocurrency has been contentious, he now seems to be a supporter. In early October, he lauded its stability, stating that the Chinese ban had had no effect on it. Indeed, it has “merely strengthened bitcoin.”
Snowden also discussed Bitcoin’s price changes, more precisely how it grew from $4,000 (its USD value at the time of the COVID-19 pandemic’s outbreak) to its current levels a year and a half later.
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