Yat Siu, the chairman of Animoca Brands, reckons that the United States’ attitude toward the crypto industry may have been exacerbated by the implosion of Sam Bankman-Fried’s FTX exchange.
The Web3 business guru says with a strong conviction that the prevailing crypto’s PR woes are a result of capitalism – a situation that might be very different from the Asian perspectives of the market.
No-Coiner Is An American Narrative – Animoca Brands’ CEO Yat Siu
The American love for the other “C” word: capitalism, has nothing to do with crypto according to Siu.
The Asian businessman argues that the “no-coiners” narrative is predominantly an American and European “thing.” On the other side of the fence, Asia is more open, since the society does not pay too much attention to capitalism.
“The no-coiners thing is predominantly a Western narrative. It’s much more predominant in America and Europe,” Siu said while speaking to Decrypt in an interview at NFT Paris.
“In Asia, we don’t have that. And I think a lot has to do with people’s perspectives towards capitalism,” Siu added.
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According to Siu, the crypto subject does not elicit a lot of controversy in Asia as is the case with the West. Asian societies have lived through different economic and political facets – even socialism.
They turned to capitalism after many failed attempts to support a way of life that does not thrive on individualism.
However, the situation is very dissimilar in America and Europe, where people have only known capitalism as the economic and political system.
Young people in this region are likely the most affected, who according to the report by Decrypt, “are converting their growing ire towards billionaires and inequality into disdain for the novel crypto industry.”
Siu remained firm with his view of the Western generations and their support for capitalism, saying that it “hasn’t worked for them,’ especially young societies which have in recent years, advocated for anti-capitalism changes.
For that reason, the younger generation is digressing toward the digital asset economy. The CEO stated despite common understanding crypto is a technological innovation, it is in fact, intertwined with political ideologies.
“Blockchain is one of the few technological approaches in which a political system is actually embedded,” he reckons. “It’s a capitalist, liberal viewpoint of the world.”
If everyone in crypto is to step back and evaluate their stance in the sector, they are most likely to find out they are subscribing to “a kind of stakeholder capitalism.”
However, it goes beyond the fundamentals of capitalism in itself – it is a form of “shared economy” which allows people to share values.
“People who are in crypto, even if they don’t think of it this way…have a belief in a kind of stakeholder capitalism, in a shared economy, in which we can share values,” Siu explained.
How Web3 and Crypto Can Save The Capitalist Narrative
Siu identifies as a supporter of crypto’s potential to create a better global economy. Crypto could, according to the Animoca Brands CEO, be the magic wand that saves the world from the Western perception of capitalism in the future.
America and Europe should act fast and push for the reintroduction of the basic fundamentals of democracy.
This will help to steer the ship back on course and help the masses regain confidence in the West and by this Siu is referring to capitalism.
“I think Web3 and crypto can save the capitalist narrative,” Siu said but added, “they can reintroduce the value of democracy—which, frankly, a lot of people have started to lose faith in, more so in the West—[back into capitalism].”
The West will have to learn a lot from crypto-based organizations like decentralized autonomous organizations (DAOs).
These entities encourage collaboration from community members on a firm-sized scale in addition to sharing profits and valuing decision-making from a group perspective.
For one to understand DAOs, it is important to comprehend smart contracts, which provide the framework for control to be spread out, as opposed to having a hierarchical system, where decisions tend to trickle down.
In DAOs members of the community vote on issues before the organization takes a step in any particular direction.
Siu expressed confidence the growth of DAOs into the mainstream would water down the Western hate toward crypto–capitalism as well.
However, the industry must remain steady and deal with the negative press and anger following the record implosion of the crypto exchange FTX in Q4 2022.
In the wake of this earth-shuttering collapse, American state agencies have been raining down on the crypto industry and related projects in the name of protecting the consumer.
While the move is welcomed, it may not be helping the crypto investor in the short term.
American regulators should perhaps be focusing on frameworks that encourage collaboration, which in the long run, could help create a modern capitalism narrative – what Siu is advocating for.
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