When people of common interest come together, it is natural that they start communicating uniquely and using different words. The crypto community is a growing diverse group of entrepreneurs, artists, investors, teenagers, intellectuals, and celebrities who created old terms like FOMO HODL and have now introduced new terms like NGMI and WAGMI.
NGMI “Not Gonna Make It” has a negative context when referring to lost hope in a crypto chart or project. They are indicating to the others that they will not profit from any specific crypto project or overall crypto market. WAGMI stands for “we are gonna make it” and is the opposite of NGMI. It has a positive context while predicting the money invested in the crypto market.
Understanding the Difference Between NGMI and WAGMI
NGMI people are negative, bearish, and close-minded when predicting monetary return from crypto investment. This term may also act as a warning signal to be more cautious about investments made from hard-earned money and a joke to mock new investors who are not taking calculated risks in trading.
On the other hand, Crypto investors use the WAGMI term to encourage, motivate, and build trust in any specific crypto project or overall crypto ecosystem. The aim is to create an optimistic environment in the crypto community.
They both are opposite terms, NGMI referring to the negative sentiments and opinions that give a message of stability and growth of the crypto world or project. WAGMI gives the hope of a better future and secured investment. Both terms are sarcastically interchangeably. Generally, they can be the context of certain news, beliefs, research, or observations, which can be optimistic or pessimistic.
What are the Examples of NGMI and WAGMI?
Examples of NGMI
The following are the NGMI examples taken from the crypto community.
Bitcoin, however, could be a bubble.
Jack Ma
It’s a bubble that’s going to give many people a lot of exciting times as it rides up and then goes down
Joseph Stiglitz (Nobel prize-winning Economist)
“Avoid Bitcoin like the plague,” “There is nothing to support Bitcoin except the hope that you will sell it to someone for more than you paid for it.” – Jack Bogle (Vanguard Founder and father of The Index Fund)
These individuals think the crypto investor’s money can perish anytime, and rather than suggesting improvement solutions, they make judgmental remarks regarding the overall crypto industry. In November 2022, the cryptocurrency exchange FTX collapsed. This event sparked numerous comments from NGMI people. Many NGMI remarks argue the volatility of Crypto.
A renowned economist, Nouriel Roubini, said, “ecosystem that is corrupt.” While pointing towards Binance, CEO Changpeng Zhao (CZ) emphasized that regulators should “be thinking carefully” about it.
See What the World Leaders and Nouriel Discussed About Crypto Currency at the World Economic Forum
CNBC’s Dan Murphy, a New York University professor, said, “Seven Cs of crypto: Concealed, corrupt, crooks, criminals, con men, carnival barkers.”
Examples of WAGMI
In the wake of the collapse of centralized financial institutions like Silicon Valley Bank, Silvergate, Signature Bank, and Credit Suisse, people worldwide are now referring to Crypto as a haven for investors.
Also, many countries are working keenly to promote Crypto, blockchain, DeFi, GameFi, NFT, and Metaverse in different department levels of the government.
Let’s check out what is happening at the Dubai Blockchain Summit.
Such sentiments in the market yield more WAGMI remarks. Below are a few examples of WAGMI quotes that will help you understand the use of WAGMI.
“If you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry.”
Satoshi Nakamoto
“There are three eras of currency: Commodity, politically based, and now, math based.”
Chris Dixon
“Bitcoin is a technological tour de force.”
Bill Gates
Who Are the Top Influential People Considered as NGMI and WAGMI?
Top NGMI and WAGMI People
You will find several people labeled as NGMI by the crypto community due to their negative views about the foundation of principles that govern the crypto ecosystem. Among those people, they include influential people as well. The top 3 of them are Paul Krugman and Warren Buffet.
Paul Krugman
He has a renewed voice in economics and finance, having received a Nobel Prize in Economic Science in 2018; his views are considered the most researched, authentic, and based on observation. Nobel economist Paul Krugman criticizes Crypto as useless after saying, “It’s hugely overpriced and helps criminals.”
Warren Buffet
In 2008, Buffett was listed by Forbes as the wealthiest person in the world, with approximately $62 billion in net worth. He has been critical of crypto investment; Warren Buffett explained why he doesn’t believe in Bitcoin at the Berkshire Hathaway annual shareholders meeting.
Warren Buffett’s NGMI remarks have caused turbulence in the crypto market at various times. He once called bitcoin “rat poised squared”; these words caused a 30% drop in Bitcoin value. He has also revealed his distrust in cryptocurrency many times, stating different reasons, including concerns about its tangibility and intrinsic value, which many WAGMI people do not believe.
Elon Musk
During the crypto crash in mid-2021, Elon Musk’s WAGMI comment about Crypto was a hope for investors in the dark time. The Tesla and SpaceX CEO said:
“He has no plans to sell his Bitcoin anytime soon.” “If the price of bitcoin goes down, I will lose money. I might pump, but I don’t dump. I do not believe in getting the price high and selling or anything like that”. “I would like to see Bitcoin succeed.”
Vitalik Buterin
The co-founder of Ethereum announcements about system upgrades and Ethereum solutions that generate WAGMI messages in crypto community members, giving the impression of a secure future for the crypto ecosystem.
Read this article to Learn about Vitalik Buterin (Ethereum’s co-founder) Journey
Conclusion
Both terms serve as a portion of food for the crypto community in connecting and communicating both negative and positive sentiments. Knowledge and a detailed understanding of these new terms are necessary for crypto enthusiasts to effectively understand crypto articles, news, tweets, and conversations. Comprehending a good mix of authentic NGMI and WAGMI messages and context is recommended to make more balanced and calculated decisions in the crypto market.
