According to Yat Siu, the chairman of Animoca Brands, a persistent public relations problem with cryptocurrencies in the United States is less related to the technology itself and more to how Americans view capitalism. Siu believes that the negative attitudes toward cryptocurrency in the West are due to the growing resentment of younger generations toward capitalism and its perceived unfairness, leading them to view cryptocurrencies with contempt.
In an interview with Decrypt reflected at NFT Paris, Siu stated that the no-coiners myth is mostly a Western one. In both America and Europe, it is significantly more common. Siu argues that, in contrast to the West, Asia has more readily embraced cryptocurrency due to its acceptance of capitalism after failed attempts at alternative economic and political systems such as socialism.
Siu observes that the younger generations in the West who oppose capitalism have deemed it inefficient. For these individuals, Siu suggests that cryptocurrency is the ideal target. He believes that although not every crypto investor would describe themselves as a capitalist, cryptocurrency is inherently political and aligns with a capitalist, liberal political system. Siu thinks that even if not every crypto investor would describe themselves as an enthusiastic capitalist, the relationship is genuine and inevitable.
Siu suggests that blockchain technology, which he sees as one of the few technological paradigms that genuinely incorporates a political system, could help to preserve the capitalist narrative by reinstating the importance of democracy. He asserts that many people in the West have lost trust in democracy, and this loss of trust is a factor in the growing resentment of capitalism.
Animoca Brands is a digital entertainment and gamification company that aims to improve digital property rights and support the creation of the open metaverse. The company has won several awards, including Deloitte Tech Fast and a place on the Financial Times list of High Growth Companies Asia-Pacific 2021. Animoca Brands produces a wide range of goods, including tokens like REVV and SAND, as well as unique games and goods based on popular intellectual properties such as Disney, WWE, and The Walking Dead.