I've heard a lot of people on twitter, reddit, and YouTube arguing for baptismal regeneration. What's shocking is that many of these people call themselves Protestant, even Reformed. I've even heard claims that baptismal regeneration is part of Reformed Theology.
This doesn't make any sense, however. Reformed theology sees baptism as the new circumcision. But circumcision wasn't how people were saved, because if that were the case, then there would be no women who died under the old covenant in heaven. But the Bible distinguishes between circumcision of the flesh and circumcision of the heart. Remember that Abraham was justified by faith before he was circumcised, just like someone like me who wasn't baptized as a child is saved before their baptism. Water doesn't save you, it points to what saves you, which is God's grace given to us through faith in Jesus Christ.
If baptismal regeneration is true, then covenant theology makes no sense at all, not to mention that it contradicts Sola Fide.
Waldo and Wycliffe were good too.