Snowden Sees Bitcoin as Solution to NYSE Chaos
The New York Stock Exchange (NYSE) experienced a technical glitch on Monday, June 3rd, causing extreme volatility and erroneous pricing for several blue-chip securities. This resulted in trading being temporarily halted.
Shares of Warren Buffett's Berkshire Hathaway and mining giant Barrick Gold witnessed dramatic plunges of around 99% in value before the prices were corrected. Berkshire's stock, which normally trades above $622,000, briefly collapsed to just $185 per share due to the glitch.
The NYSE attributed the chaos to issues with circuit breaker mechanisms designed to curb excessive volatility during market hours.
Edward Snowden, a legendary NSA whistleblower, responded to the incident by stating 'Bitcoin fixes this', implying that Bitcoin's decentralized design is more reliable than traditional centralized exchanges vulnerable to such disruptions.