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Since the emergence of Bitcoin, we have observed a psychological phenomenon among certain groups, particularly those involved in traditional financial institutions, characterized by the moral opposition to Bitcoin’s early adopters and the system itself. This paper introduces and analyzes the “nocoiner syndrome,” a condition where individuals, especially those benefiting from the current financial system’s Cantillon Effect, perceive early Bitcoin adopters as immoral. Through a case study of recent academic work by European Central Bank employees, we examine how this syndrome manifests in academic discourse and institutional behavior. We analyze the syndrome’s root causes, including cognitive dissonance from missed opportunities and the psychological impact of working within inflationary monetary systems. The paper challenges common misconceptions about early Bitcoin adoption’s morality by examining the risk-adjusted nature of early investments and demonstrating how hodlers contribute to economic resource conservation. We propose several treatment approaches for the nocoiner syndrome, emphasizing the importance of understanding complex systems and the limitations of central planning. Our analysis suggests that this syndrome is not merely a personal psychological condition but a broader societal phenomenon with implications for economic policy and institutional behavior.
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