The crypto and blockchain community is more than just “a shadowy, faceless group of super-coders”
Over the last couple of months, cryptocurrencies, and the underlying technology behind them, blockchain, have been under attack by some lawmakers and public figures.
Famously, Senator Elizabeth Warren remarked “instead of leaving our financial system at the whims of giant banks, crypto puts the system at the whims of some shadowy, faceless group of super-coders.”
So, are cryptocurrencies and blockchain really at the whims of a shadowy, faceless group of super coders? Well, there certainly are a lot of super coders at work when it comes to crypto and blockchain, to be fair, but that’s beside the point. Despite this prevailing narrative of crypto as an asset on the fringes, this couldn’t be further from the truth.
Ownership of cryptocurrency
As highlighted in a previous blog post, one study found that, as of May 2021, 46 million Americans, or 17% of adults, owned at least some Bitcoin. This is substantial, considering only 10.8% of American’s own Gold, an asset that is viewed so prominently as a safe have asset. Also, this data only accounts for Bitcoin, and doesn’t include individuals who own altcoins, but not Bitcoin.
Bitcoin Vs. Gold Ownership in U.S. (%)
Another source of data representing the widespread use of crypto by the general public, is the number of users on Coinbase, which from 2017 to present saw an exponential increase in users from 13 million to 56 million.
Coinbase Users (2017-2021) in millions
With numbers like this, no one can seriously argue, while maintaining a straight face, that crypto is only used by a select group of super coders with questionable motives.
Use of crypto and blockchain in the social impact sector
The use of crypto and blockchain are undoubtedly on the rise in the social impact sector, and are being embraced by charities all over the world, hence why I started this blog. Through services like The Giving Block, for example, hundreds of charities have signed up to accept cryptocurrency donations, including big names like the American Cancer Society, CARE, Feeding America, Malala Fund, Mental Health America, the National Kidney Foundation, Save the Children, and many more.
Furthermore, in October 2019, UNICEF, a United Nations agency, launched their CryptoFund, a new fund that enables UNICEF to receive, hold, and disburse cryptocurrencies, to support a start-ups making use of open-source software to address challenges faced by children and young people. To date, the CryptoFund has invested 1327 ETH, which at the time of writing is worth roughly $4,375,000 USD. A list of the amazing projects they have supported can be found here.
And then of course, there are all of the amazing projects using blockchain to solve real world problems. Whether it’s providing affordable agricultural insurance to smallholder farmers in Africa, creating a virtual bank for refugees and vulnerable populations, or helping unbanked communities generate income, there is no shortage of amazing projects making a real impact around the world.
Now, call me crazy, but I wouldn’t say that UNICEF, probably the most renowned international NGO in the world, one of the hundreds of charities accepting crypto, or the small start-up using DeFi to help unbanked populations, are shadowy super coders with malicious intent to destroy the financial system, but what do I know?
Perceptions in the financial sector
Even in the financial sector, which could stand to lose a lot from the wide scale adoption of cryptocurrencies and decentralized finance, perceptions around crypto and blockchain are beginning to change.
According to the recently released Deloitte 2021 Global Blockchain Survey, which surveyed leaders in the financial services industry:
Nearly 80% of overall respondents say that digital assets will be very/somewhat important to their respective industries in the next 24 months
81% strongly agree that blockchain technology is broadly scalable and has achieved mainstream adoption
The results of this survey are huge, as they indicate a shift in thinking from those in the financial services industry. Add to this the fact that hundreds of banks are enrolled in a program to offer cryptocurrency services in the coming months, and it is clear that the financial services industry has come to the realization that crypto and blockchain are here to stay, and that they should be embraced.
Blockchain in academia
Another indicator of the widespread adoption of crypto and blockchain, countering the shadowy super coder narrative, is the prominence of courses being offered at institutions of higher learning.
Nowadays, there seem to be more Universities than not that offer course in blockchain, including but not limited to Massachusetts Institute of Technology (MIT), Cornell University, University of California, Berkeley, Stanford University, Harvard University, Columbia University, Carnegie Mellon University, Duke University, Georgetown University, Princeton University, The University of Texas at Austin, University of Pennsylvania, and many, many, more.
With all of these factors together, it is clear that crypto and blockchain are not “at the whims of a shadowy group of super coders.” There are so many great groups, organizations, and individuals making use of the technology to do good in the world, and making such dubious claims is a disservice to the great work being done in the space.
What do you think about the comments made by Senator Warren? What are some other great examples of good being done in the space? Tweet us at @Crypto_Altruism, we’d love to hear from you!
