Reading Time: 2 minutes
- Jim Rickards has admitted for the first time that “Bitcoin works”
- Rickards is a noted Bitcoin critic who seems to have changed his mind following the Canadian truckers’ dispute
- Rickards U-turn came the day before another prominent critic, David Hansson, also admitted that he had underestimated the value of the cryptocurrency movement
Jim Rickards, the noted financial author who eight months ago called Bitcoin a “bubble…based almost entirely on fraud” has revealed a new take on it – it “Bitcoin works”. Rickards posted the two-word piece of praise on Twitter in response to a tweet that said Canadian truckers were “fighting back with Bitcoin”, suggesting a U-turn in his thinking over the cryptocurrency. Rickards is the latest Bitcoin critic to have had his opinion changed by the Canadian truckers’ dispute which has highlighted Bitcoin’s use case.
From “Hallucinatory” to “Bitcoin Works”
Rickards has been a noted Bitcoin skeptic for years, arguing in favor of gold as a store of value while calling Bitcoin “hallucinatory”. However, like others it seems that the authoritarian actions of the Canadian government, which have been well covered by the media and trumpeted by Bitcoin supporters as another example of its primary use case, have opened Rickards’ eyes to the benefits of Bitcoin, alongside gold of course:
Bitcoin works. So does gold. https://t.co/YftHWJYEcd
— Jim Rickards (@JamesGRickards) February 20, 2022
Rickards Joins the 180 Degree Gang
This statement marks a huge change in Rickards’ sentiment and shows that Bitcoin’s use case is starting to make itself known even to its staunchest critics, something that has been inconceivable in recent years.
His tweet was published the day before Ruby on Rails creator David Hansson admitted that he had “been too hasty” on cryptocurrency in response to the Canadian truckers’ situation, arguing that the likes of Bitcoin finally had a use case in the West.