The creator of Ruby on Rails backtracks on Bitcoin: ‘We need crypto

The creator of Ruby on Rails reverses his stance on Bitcoin in response to Canada’s financial crackdown on COVID-19 vaccine protesters.

Canada’s decision to freeze Bitcoin (BTC) wallets and bank accounts in connection with COVID-19 vaccine protests is driving cryptocurrency adoption, with some cryptocurrency sceptics reconsidering their stance on Bitcoin.

On Monday, David Heinemeier Hansson, the creator of the Ruby on Rails web development framework, took to Twitter to tell his followers that he was no longer a Bitcoin sceptic.

“I can’t believe this is the protest that will prove every Bitcoin nut a prophet.” And for me to have to eat humble pie and admit that I was mistaken about crypto’s fundamental necessity in Western democracies,” Hansson wrote.

The Danish programmer stated in a blog post titled “I was wrong, we need crypto” that he has been sceptical of Bitcoin and the crypto industry in general since the early 2010s. He mentioned that some of his main arguments against Bitcoin were the cryptocurrency’s energy consumption, transaction fees, a lack of true decentralization, alleged fraud involving the Tether (USDT) stablecoin, and many more.

However, all of these arguments are insufficient to dismiss cryptocurrencies as a tool to support freedom and democracy in situations where countries such as Canada impose martial law in response to peaceful protest movements. Hansson countered, saying:

“It’s clear to me now that I was too quick to dismiss crypto on the basis of all the things wrong with it right now.” Instead of appreciating the fundamental freedom to transact that we currently have the best chance of defending.”

Hansson’s conversion from Bitcoin sceptic to Bitcoin supporter in response to Canada’s invoked Emergencies Act is yet another example of growing crypto adoption fueled by the state’s somewhat overbearing involvement.

“There are a lot of lies in this bitcoin article.” “However, the situation in Canada is likely to accelerate bitcoin adoption,” crypto podcaster Neil Jacobs observed.

Morgan Creek Digital co-founder Anthony Pompliano previously stated that authoritarian moves by countries such as Canada are the work of “Bitcoin’s marketing team.”

According to some reports, Justin Trudeau’s financial crackdown on vaccine protesters may have resulted in a bank run in Canada, with major banks and ATMs going offline.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

 

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