Edward Snowden on NYSE Trading Halts: ‘Bitcoin Fixes This’

On Monday, the New York Stock Exchange (NYSE) encountered a series of unexpected trading halts affecting stocks such as Chipotle and Berkshire Hathaway. Berkshire shares plummeted 99.7%, while Chipotle’s stock fell 66%. In response to the event, renowned whistleblower Edward Snowden took to social media, asserting that “bitcoin fixes this.”

NYSE Disruptions Trigger Stock Falls; Crypto and Blockchain Advocates Call for Change

The NYSE, the largest stock exchange globally by market capitalization, experienced multiple trading interruptions on Monday. The exchange, owned by Intercontinental Exchange (ICE), attributed these pauses to the “Limit Up/Limit Down” guidelines. The disruptions led to significant declines in “dozens” of stocks, including major companies like Warren Buffett’s Berkshire Hathaway and Chipotle Mexican Grill.

The NYSE faced significant criticism on social media. Experts in the Web3 space, such as those at Linkpool, suggested that traditional exchanges should transition to blockchain infrastructure. “Global markets cannot afford API errors and technical glitches that entirely pauses market operations,” Linkpool said. “In order to achieve refined financial markets, a robust blockchain-agnostic architecture is needed to ensure capital markets have access to accurate, secure, real-time financial market data.”

Additionally, Edward Snowden, the American whistleblower and former National Security Agency (NSA) contractor took to the social media platform X and stated:

Bitcoin fixes this.

Snowden’s comment was in direct response to the trading halts on the NYSE and it suggests that he sees its underlying technology as a solution to the vulnerabilities and centralization in traditional financial systems. It is well known that Bitcoin’s decentralized nature eliminates the need for a central authority that can fail, as seen in the technical issues that halted stock trading on Monday.

The decentralized ledger used by Bitcoin enables continuous and transparent operations without a single point of failure, theoretically reducing the risks of similar disruptions. Following Snowden’s comment, several of his followers agreed with the statement. “Can’t halt Bitcoin,” the crypto exchange Kraken replied to Snowden’s X post. “Actually, Chainlink fixes this,” a LINK supporter wrote to Snowden.

Another individual added:

Bitcoin fixes this but Roaring Kitty broke the stock market — LOL.

What do you think about the NYSE halts and Edward Snowden’s comments about Bitcoin fixing the situation? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn