Crypto’s escape from Libertarianism

Some think crypto isn’t political, while others argue that since it seeks to usurp central bank monetary policy, it very clearly is a political beast. In the past, the ‘political’ aspect of cryptocurrencies has most closely been associated with libertarianism, which stresses individual choice in all things. It’s a strange group of people with disparate interpretations of what freedom of choice means. For some it may mean having control over personal funds and keeping the State away from personal information, while for others it means living off-grid in the woods and observing a devotion to the right to bear arms (and sport a large beard!).

But that is changing. A CoinDesk Research report on Q2 2018 State of Blockchain Sentiment Survey shows that political composition of the crypto community is changing. As one of its charts shows: “The more than 1,200 crypto community respondents broke down to 8 percent anarcho-capitalists, 24 percent libertarians, 21 percent conservatives, 9 percent centrists, 27 percent liberals, 9 percent socialists and 3 percent nihilists. While liberal came out as the largest single category, if you combine libertarian and anarcho-capitalist, they outnumbered the liberals by 5 percentage points.”

Coin ownership by political view

According to CoindDesk’s survey, we can see which coins are favoured by those identifying as Left, Right or Nihilist. For example, BTC, LTC and DASH are preferred by the Right, while Left-leaning owners prefer ETH, XRP and EOS. The Nihilists most like XMR and XRP. CoinDesk also said: “After combining categories into our composite of the left vs. right spectrum, we observe that 52 percent of the crypto community are right-wing and 45 percent identify as being on the left.”

What do the experts think about all this? CoinDesk asked Santiago Siri of DemocracyEarth, who replied:” “It’s interesting to confirm the ideological biases of the communities behind the leading cryptocurrencies of our time, although probably in crypto we might need a different spectrum: one-coin-to-rule-them-all maximalists versus free market multi-token holders.”

What certainly seems to be happening is that the crypto community is becoming a more balanced and mixed one, with its traditionally Right-leaning members being joined by Leftists. As adoption grows, this trend will most likely continue and decrease the representation of right-wingers in crypto, especially of those at the far end of that scale.

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