The narrative of those who refuse to imagine a future in which cryptocurrencies will be integral to the financial system now seems forced, self-serving, and even fanatical, Silvina Moschini writes.
ADVERTISEMENTNothing has been more damaging to the adoption of cryptocurrencies than the “no-coiners” — deniers who refuse to buy into the system and prophesied that the industry is doomed to failure.
Fortunately, these "sceptics" appear to be a dying breed and the doubters are becoming less doubtful.
Two years ago, an article published in Vice magazine outlined how a "no-coiner" was a derogatory term in the crypto world, used to describe anyone who derides the ecosystem by saying things like: "it's a bubble about to burst," "it's not real money," or is "a wildly anarchic unregulated form of Wild West financial capitalism" — something that will fail sooner or later.
While "anticoiners" may have been a more appropriate moniker, what is clear is that despite all of the scepticism, it didn’t impact adoption trends.
On the contrary, in 2023, cryptocurrency users grew by 34%, from 432 to 580 million worldwide.
Meanwhile, as more and more governments around the world begin to acknowledge cryptocurrency as "real" money, the pessimistic predictions of no-coiners are looking less and less credible.
Last year alone, more than 40 countries began discussing how to introduce legal frameworks to accommodate digital currencies.
No-coiners — or potential future users?
With this in mind, the narrative of those who refuse to imagine a future in which cryptocurrencies will be integral to the financial system now seems forced, self-serving, and even fanatical.
But at any rate, we are only talking about a vocal minority.
Curiously in 2024, the term "no-coiner" no longer seems to be synonymous with rejection but is now associated with potential users.
Rather than distrusting cryptocurrencies outright as a technology, the new non-coiners are people who appear to have not yet found a specific use for digital currencies for their own financial projects.
But that is so too beginning to change.
Morgan Stanley, one of the most important financial consultancies in the world, has predicted that cryptocurrencies will disrupt the global financial system in 2024.
The consultancy pointed out that Bitcoin's market capitalization "...already rivals the GDP of major economies" such as Switzerland and that both stablecoins and the rise of Central Bank Digital Currencies (CBDCs) are completely reshaping global finance.
It envisages a new financial order with digital currencies as part of the mainstream. And many non-coiners are observing this transformation with a mixture of relief and optimism.
The world of crypto is becoming less murky than before and the "Wild West" is gradually being tamed.
Where do we go from here?
I believe that the former non-coiners will actually, ironically, contribute to 2024 being a good year for cryptocurrencies.
The scepticism and wariness they showed towards digital currencies, which hindered their development two years ago, is melting away. Meanwhile, measures such as the approval of Bitcoin ETFs are renewing trust and enthusiasm for the ecosystem.
ADVERTISEMENTLooking ahead, the dilemma will no longer be whether to invest in cryptocurrencies or not, but rather which to choose and for what purpose.
I believe that the future of cryptocurrency will be tied to assets-backed, public reporting organizations, that create value and better experiences for their coin-holders.
For "coiners" of all kinds, it is in our hands to create lasting change to democratize wealth creation and succeed in the "Crypto 2.0" economy.
Silvina Moschini is CEO of Unicorns Inc and Founder And Chairwoman Of Unicoin.
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