Cryptocurrency detractor Hansson reconsidered his position on Bitcoin as he realized that everyone defending it is a prophet. A recent survey reveals how investors view cryptocurrencies optimistically despite the recent drop.
Canada froze Bitcoin wallets and bank accounts related to the protests against the COVID-19 vaccine, thus driving the adoption of cryptocurrencies. Some detractors of cryptocurrencies like David Heinemeier Hansson are even reconsidering their position on Bitcoin. The creator of web framework Ruby on Rails told his Twitter followers that he was no longer a Bitcoin skeptic.
Hansson expressed that the protest proved that every Bitcoin defender is a prophet. He admitted that he was wrong about the fundamental need for cryptocurrencies in Western democracies.
The programmer mentioned that he had been skeptical about Bitcoin and the crypto industry in general since the early 2010s.
Overview behind the Russian Bill for Regulating Cryptocurrencies
The Government of the Russian Federation received a bill for regulating cryptocurrencies from the Ministry of Finance, according to a Russian government website.
However, the official release reminded Russians that using cryptocurrencies as a payment means remains illegal. The bill aims to regulate cryptocurrencies as an investment instead of money.
In addition, some proposed regulations include putting exchanges under the control of a centralized agency. They also require identifying all customers and only allowing cryptocurrency withdrawals or deposits through a bank account. The Ministry of Finance considers the KYC protocol crucial for exchanges and customers, while banks also comply with the requirements for cryptocurrencies.
Traders cannot freely enter the industry since the bill proposes to test potential investors on knowledge and cryptographic risk. Some reports indicate that the results will decide how much money they can invest.
There Is Still Optimism about Cryptocurrencies despite Bearish Sentiment
A recent report from Deutsche Bank provides hope to the current market climate. The survey behind the study reveals how investors tend to view the market despite the recent drop. Likewise, it indicates that there is still optimism about Bitcoin and other cryptocurrencies.
That survey shows that a growing number of cryptocurrency investors lean towards long-term holding rather than selling. Most said they would keep their holdings even if crypto-assets lost much of their value.
They also expressed that they plan to hold onto their coins amid the worst downward trend in the market. Less than half said they would scale back or leave the market if the price fell below 80%. Most decided to keep their holdings regardless of the unfavorable situation in the market.
Marion Laboure, director of macro strategy at Deutsche Bank, stated that there is currently strong optimism about cryptocurrencies. She noted that prices fell by 80% in a very bearish cryptocurrency market. However, she highlighted that less than half of investors would reduce their investments or leave the market.
Cryptocurrencies like Bitcoin play a relevant role in the economy, and a growing number of investors are interested in them. Even skeptics like David Heinemeier Hansson have become aware of the advantages offered by digital assets. Meanwhile, regulators from several countries limit their use as payment means and impose the compliance of some requirements.
By Alexander Salazar
