Danish programmer and Bitcoin (CRYPTO: BTC) skeptic David Heinemeier Hansson said in a blog Monday that he was wrong about cryptocurrencies.
What Happened: The creator of the web-app framework “Ruby on Rails” said the trucker protest in Canada and the response of the government has proven every “Bitcoin crank a prophet.”
“I still can't believe that this is the protest that would prove every Bitcoin crank a prophet. And for me to have to slice a piece of humble pie, and admit that I was wrong on crypto's fundamental necessity in Western democracies,” wrote Hansson.
Hansson labeled the actions of the Canadian government a “wake-up call.” He said he was also glad we got this warning from Prime Minister Justin Trudeau of Canada instead of former President Donald Trump of the United States.
“It would have been far too easy for Europeans in particular to dismiss authoritarian assertions of martial law from Trump as being irrelevant to the European experience. Just like I had for so long deemed the practical desire of people in Venezuela or Iran or China for crypto irrelevant to the entire Western experience.”
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Canada invoked emergency rules last week, which means cryptocurrencies can be seized and bank accounts can be frozen. The emergency was imposed in response to truckers protesting COVID-19 restrictions. A crowdfunding platform raised more than $1 million for the truckers.
Hansson said that Canadians who donated to the truckers “should now sleep with one eye open for the next several months, lest they have their bank accounts frozen, and indictments filed on the basis of laws enacted to prevent financing of terrorism.”
“It's clear to me now that I was too hasty to completely dismiss crypto on the basis of all the things wrong with it at the moment,” said Hansson.
Price Action: At press time, Bitcoin traded 5.1% lower at $37,260.52 over 24 hours.
Read Next: Analyst Says Canadian Truckers' Protest Has Big Implications For Bitcoin And Crypto
Photo: Courtesy of Hannson
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