David Hansson: I Was “Too Hasty” to Dismiss Crypto

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• Ruby on Rails creator David Hansson has admitted that he was “wrong” about the need for cryptocurrency in the West
• Hansson has long argued that its only purpose in financially stable countries was to increase wealth
• The actions taken over the Canadian trucker protests have changed his mind, however

Ruby on Rails creator David Hansson has performed something of a U-turn on Bitcoin and cryptocurrencies, saying that the actions taken over the Canadian trucker protest has changed his mind over the role of digital assets. Hansson has long argued that the only function of cryptocurrencies in the Western world is wealth creation compared to countries such as Venezuela and Iran where its fundamentals can actually be applied, but the events surrounding the Canadian trucker protest have changed his mind.

“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.” https://t.co/9smNKyabm0

— DHH (@dhh) February 21, 2022

“I Was Wrong, We Need Crypto”

Hansson published a blog post yesterday entitled “I was wrong, we need crypto” where he said that his philosophy has long been that Bitcoin and cryptocurrencies offer no genuine use to “Bitcoin boosters living in stable Western democracies governed by the rule of law” as opposed to countries where hyperinflation is rife or authoritarian countries where individuals have far less financial freedom.

Hansson also cited the well-worn criticisms of cryptocurrencies including the energy needed for mining, the scams, and the “obvious Tether fraud” as reasons why he believed the crypto space was a fundamentally disingenuous one outside countries that really needed an alternative currency.

However, Hansson admitted that the Canadian trucker protests, which “managed to provoke the most shockingly authoritarian response from the Canadian government” have changed his mind of the role of cryptocurrencies in western countries. This includes citizens who funded the protests potentially having their bank accounts frozen even months down the line, with the Canadian government using legislation designed to stop terrorism.

Hansson Appreciates Financial Freedom Movement

Admitting that “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”, Hansson revealed a new perspective:

…wherever this leads us next, 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. Instead of appreciating the fundamental freedom to transact that it’s currently our best shot at protecting.

Slowly at first, then all at once.