Edward Snowden Fires Back at BIS Chief Amid Claims That Crypto Has Lost to Fiat

The NSA whistleblower launched an unapologetic verbal attack against the BIS chief in a series of tweets.

National Security Agency consultant cum whistleblower Edward Snowden has fired back at the chief of the Bank of International Settlements, Agustin Carstens, for his claims that crypto has lost to fiat.

“That battle has been won,” Carstens said, as reported by Bloomberg on Wednesday. “A technology doesn’t make for trusted money.”

The BIS chief said this on the backdrop of the recent decline in the crypto markets coupled with the collapse of several crypto firms, including FTX.

Speaking further, Carstens asserted that the only thing that can give money credibility is the legal and historical framework that supports central banks. He added that he expects a “strong statement” from the Group of 20 nations on crypto regulations, going further to make a case for central bank digital currencies and release warnings on stablecoins.

In a tweet yesterday, Snowden responded to the recent Bloomberg report by aiming at Carstens’ physique.

“man couldn’t even win the battle against the international house of pancakes and he’s out here trying to eulogize his enemies,” the NSA whistleblower wrote.

man couldn't even win the battle against the international house of pancakes and he's out here trying to eulogize his enemieshttps://t.co/Dlegf7g9uE

— Edward Snowden (@Snowden) February 23, 2023

Unsurprisingly, Snowden’s statements have attracted backlash from Twitter users who called him out for body shaming, pointing out that he could ideally attack Carstens’ ideas instead of his person. 

However, Snowden doubled down in his attack, comparing the BIS chief to a “fat cat” as depicted in early 20th-century caricatures. Notably, the term is used to describe greedy people of means who “live easy” off the work of others. In the final tweet of the thread, the NSA whistleblower offered what can be described as a mock apology, taking a final jab at Carstens with a double entendre using the word inflation. Snowden wrote:

“ok, yes, I am for sure and very genuinely sorry to all concerned by the potential impact of this joke on the bad man’s feelings.

We should show greater sensitivity toward those struggling with inflation.”

It is no news that Snowden is an avid supporter and defender of Bitcoin and crypto privacy projects. In addition, he has often warned of the privacy costs of CBDCs.

Meanwhile, it is not the first time he has adopted ad hominem tactics in response to Bitcoin detractors. In October 2021, Snowden employed a similar approach in response to JP Morgan’s Jamie Dimon calling Bitcoin worthless.