Ruby on Rails creator backpedals about Bitcoin: ‘We need crypto’

Canada’s decision to ban Bitcoin wallets and bank accounts in connection to the COVID-19 vaccination protests has accelerated cryptocurrency adoption. Some crypto naysayers are reconsidering their position on Bitcoin.

David Heinemeier Hansson is the Ruby on Rails web developer framework creator. He took to Twitter on Monday, to inform his followers that he no longer believes in Bitcoin.

“I can’t believe this is the protest that would make every Bitcoin crank a prophet. Hansson wrote that he had to cut a piece of humble pie and admit that crypto’s essential necessity in Western democracies was wrong.

“I can’t believe this is the protest that would make every Bitcoin crank a prophet. It was a humiliating experience for me, as I had to admit that crypto’s essential necessity in Western democracies was incorrect. https://t.co/9smNKyabm0
— DHH (@dhhh) February 21, 2022

The blog post entitled “I was wrong, crypto is needed” stated that the Danish programmer has been skeptical of Bitcoin and the entire crypto industry since the early 2010s. He stated that Bitcoin’s biggest problems were its energy consumption, transaction fees and lack of decentralization.

Hansson said that all these arguments are not sufficient to discredit cryptocurrencies as a tool for supporting freedom and democracy in countries such as Canada, which impose martial law to deal with peaceful protest movements.

“It is now clear to me that I was too hasty not to dismiss crypto based on all the problems it currently has. Instead of appreciating crypto’s fundamental freedom to transact, we should be grateful that it is our best chance at protecting it.”

Hansson’s transformation as a Bitcoin skeptic into a Bitcoin supporter after Canada invoked the Emergencies Act is just one example of growing crypto adoption due to the excessive involvement of the government.

“Tons and tons of falsehoods in this Bitcoin article. However, it still points out that Canada will accelerate Bitcoin adoption,” Neil Jacobs, crypto podcaster, noted.

Anthony Pompliano, co-founder of Morgan Creek Digital, also noted previously that authoritarian actions by countries such as Canada are “Bitcoin’s marketing team.”

Bitcoin’s marketing team is made up of authoritarian governments.
— Pomp (@APompliano), February 15, 2022

Related: Canada’s ban on Bitcoin wallets of dissidents is condemned by the Crypto community

Some reports claim that Justin Trudeau’s financial crackdown against vaccine protesters could have led to bank runs at major Canadian banks and ATMs being shut down.

What is the matter with Canada’s banks at the moment? pic.twitter.com/NRjPWlG0GE
James Melville (@JamesMelville), February 16, 2022

https://cointelegraph.com/news/ruby-on-rails-creator-backpedals-about-bitcoin-we-need-crypto