Canada’s decision to freeze Bitcoin (BTC) wallets and bank accounts in response to the COVID-19 vaccine demonstrations is causing some crypto sceptics to reevaluate their positions.
On Monday, David Heinemeier Hansson, the developer of the Ruby on Rails web development system, announced on Twitter that he was no longer a Bitcoin sceptic.
“I still can’t believe this is the demonstration that will prove every Bitcoin nut is a prophet”. And for me to have to accept that I was mistaken about crypto’s fundamental importance in Western democracies,” Hansson added.
The Danish programmer stated in a blog post titled “I was wrong, we need crypto” that he has been suspicious of Bitcoin and the crypto business in general since the early 2010s. He cited the cryptocurrency’s energy consumption, transaction fees, lack of true decentralisation. As well as alleged fraud involving the Tether (USDT) stablecoin as some of his main concerns against it.
But, as Hansson noted, none of these concerns are sufficient to dismiss cryptocurrencies as a weapon for promoting freedom and democracy in instances where countries such as Canada implement martial law in reaction to peaceful protest movements.
“It’s evident today that I was too quick to dismiss crypto entirely based on all of its current flaws. Rather than appreciating the fundamental freedom to transact that we presently have the best chance of preserving.”
Expanding crypto popularity
Hansson’s conversion from sceptic to advocate of Bitcoin in response to Canada’s invoked Emergencies Act is another example of expanding crypto popularity spurred by the government’s over-involvement.
Authoritarian measures by countries like Canada, according to Morgan Creek Digital co-founder Anthony Pompliano, are “Bitcoin’s marketing team.”
According to some reports, Justin Trudeau’s financial retaliation against vaccine protesters may have resulted in bank runs. As well as ATM outages across Canada.