Who are the Nocoiners Now that Bitcoin is Back to $11K valuation?

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As bitcoin's valuation leaped back up the $11K valuation it was it back in January, more and more investors are jumping onto the cryptocurrency bandwagon.

But an interesting question from all of this, is who are the current noncoiners? And what is a nocoiner anyway?

As a cryptocurrency, bitcoin has gained accreditation as a worldwide payment system. The term was first registered in 2008 and Satoshi Nakamoto was registered as having published a paper on bitcoin as an electronic peer to peer cash system. Nakamoto is considered to be the father or inventor of the bitcoin system.

However, it wasn't until several years later that bitcoin gained popularity as a form of payment with merchants. By 2015, more than 100,000 merchants were accepting bitcoin as a payment form.

In contrast, a nocoiner is considered to be someone who decries bitcoin as a legitimate current and believes that it's nothing more than a fad. In early February when bitcoin first slumped to a low valuation of $6 K, the noocoiners denying the value of bitcoin, (or at least, pointing out the highly level of fluctuation and volatility in the currency) achieved a louder voice than ever. Interestingly, another term of the typical nocoiner is a "buttcoiner." Some nocoiners are individuals who don't try to mine, buy or sell bitcoin and likely would never try to use bitcoin as a currency.

Still, some nocoiners may actually hold, trade or use some bitcoin - in general, what really distinguishes a nocoiner from others in the market is their attitude of pessimism towards bitcoin. This would be in stark contrast to a "whale," or someone who holds a very large share of bitcoin.

Such whales have a capacity to potentially move the entire market of bitcoin since it's been reported that as few as 1000 people hold 40% of the bitcoin market.

While bitcoin is one of the youngest currencies to gain ascendancy in the market, suggesting that nocoiners have some basis on which to deny the value of bitcoin, it remains to be seen whether nocoiners will become a leading voice in the market.

So who are the more famous nocoiners? Economist Robert Shiller has called bitcoin a fad as have several hedge fund managers.

The more risk averse investors out there are also likely to call bitcoin a fad since its value has fluctuated quite a bit in the market.

Meanwhile, ICOs are on a record pace, and hundreds of ICOs are upcoming in the next few months.  There are dozens of ICO whitepapers posted online, and more coming every day.