Edward Snowden warned investors that dealing with the “garbage” Shiba Inu could result in appalling losses for them.
The infamous whistleblower Edward Snowden opined somewhat negatively on Shiba Inu and its ability to bring fortune to its holders. According to him, the meme coin is nothing more than a “clone of dog money” that can turn to be a highly dangerous investment strategy.
Do Not Mortgage The Farm to Buy SHIB
In a recent tweet, the former National Security Agency consultant – Edward Snowden – became the next in line to comment on the current craze in regards to Shiba Inu (SHIB). Even though the self-proclaimed Dogecoin killer has registered consecutive all-time highs lately and has grabbed public attention, the American does not believe it is a wise investment.
Snowden is not a fan of Dogecoin either. However, SHIB is even riskier as it is “not even dog money but a clone of dog money,” he explained.
Still, the 38-year-old advised people to try their luck with the “garbage” asset Shiba Inu, as long as they invest money they are ready to lose:
“The problem is when they get emotionally manipulated into mortgaging the farm based on a memes worth of understanding. If you want to drop some Happy Meals on lottery tickets, knock yourself out. But not the rent money.”
Garbage or not, Shiba Inu has been the cryptocurrency markets top performer in recent months as its price has skyrocketed by approximately 100,000,000% since the beginning of 2021. And while many believe that it has no utility or functionality whatsoever, it is worth noting that it has become the largest meme coin in terms of market capitalization.
Snowden Does Not Like CBDC Either
Another financial asset that Snowden has a negative opinion on is a central bank digital currency. He commented last month that CBDCs could harm the monetary network claiming they could grant a lot of power to the governments and leave less freedom to the people. He went further, labeling them as a “perversion of cryptocurrency” and a “cryptofascist currency.”
Snowden gave China as an example, where the total crypto crackdown combined with the progressive release of the digital yuan is intended to “increase the ability of the State to impose itself in the middle of every last transaction.”
Different Stance on Bitcoin
Although the American has had a controversial history with the primary cryptocurrency, he now seems to be supportive of it. At the beginning of October, he praised its stability, saying that the Chinese ban did not manage to harm it. It has actually “just made bitcoin stronger.”
Snowden also mentioned BTCs price movements, more specifically how it climbed from $4,000 (its USD value during when the COVID-19 pandemic hit) to its heights nowadays a year and a half later.
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