Left, Right and Center: Crypto Isn't Just for Libertarians Anymore
While some say crypto is apolitical, others argue a technology that takes direct aim at central bank-driven monetary policy can't be anything otherwise.
Indeed, many early adopters were drawn to bitcoin's revolutionary potential and there has long been a close association between libertarianism and cryptocurrency.
CoinDesk Research took the opportunity to test this association in our Q2 State of Blockchain Sentiment Survey. Among a wide range of questions, some were aimed at discovering the political leanings of the crypto community as they relate to the technology in general, as well as to specific coins.
And the findings were surprising.
iv class="atlas-chart" data-id="BJAXK3DEQ" data-width="640" data-height="449">
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.
These identifications were chosen to best capture distinctive world views.
For example, libertarians can be statists (i.e., they may advocate limited government, but not necessarily the abolition of all government) whereas the anarcho-capitalists want to end the state outright.
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. While ideologies on the right appear to make up the majority, it's not as wide a majority as you might expect.
Considering crypto's origins and reputation, it's fascinating that the left makes up such a substantial minority. Two factors could explain why these results deviate from commonly-held conceptions: time and crypto partisanship by coin (or coin tribalism).
Time:
Anecdotally, libertarians made up the overwhelming majority of early crypto advocates and thus the archetype stuck with the general movement. Since then, many more people have come into the crypto world drawn by rising prices and without such strong political views. 55 percent of our Q1 survey respondents started actively following crypto in 2017. These people could be motivated by politics, but more likely came in to make money and thus held views closer to that of the general population.
Coin Tribalism:
Ideology across cryptocurrencies shows incredible variety. Our survey results found that certain political ideologies clustered around particular coins. Bitcoin most closely resembles the general population, while other cryptos take their own unique formations. Ethereum seems to have the highest percentage (55%) on the left while dash contains the highest concentration on the right (78%). XRP clusters towards the center, while monero inversely nurtures the extremes at both ends of the spectrum while also taking the mantle for highest percentage of anarcho-capitalists (36%).
iv class="atlas-chart" data-id="Bydmd2v4Q" data-width="640" data-height="449">
