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The Decline of Non-Coiners is Paving Paths for Potential Users

The Decline of Non-Coiners is Paving Paths for Potential Users1 min read
  • March 27, 2024
  • by UH News

«No-coiners» was a term that designated those not interested in using cryptocurrencies. Still, over the years it has evolved to include those who believe that cryptoassets are «a bubble» that is not real money and that the industry is doomed to fail. In this regard, Unicorn Hunters CEO and Unicoin Chairwoman Silvina Moschini explained in a column for Euronews how the evidence suggests that these skeptics are declining, while the crypto ecosystem grows stronger and is legitimized by institutional investors.

«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», explains Moschini.

This notion is supported by available data: global cryptocurrency adoption increased by 34% in 2023 alone to 580 million users. According to Statista, this figure could grow to almost 833 million in 2024 and reach around 992 million in 2028.

On the legal side, the United States does not yet have a regulatory framework in place. Still, more than 42 countries have added digital assets to their legislation, including the European Union's Regulation on Markets in Cryptoassets (MiCA). In other countries, such as Brazil, they are exploring the possibilities of developing their central bank digital currencies or CBDCs.

From the Investment Dilemma to the Use Dilemma

All this points to the fact that the adoption of cryptocurrencies will continue to grow and mesh with the traditional financial system, says Moschini, who considers that in this scenario, the"non-coiners" are no longer those who are against cryptocurrencies, but simply have not found an adequate use for their specific financial needs.

Cryptocurrencies have diversified so much that there are now those who bet on Bitcoin for holding indefinitely, while the use of stablecoins is growing as a hedge aginst inflation in countries where local currencies are weakened, such as Argentina.

«Looking 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», Moschini concluded.