Podcast Summary: THE Bitcoin Podcast – "NEW REPORT: ARE BITCOINERS CONSERVATIVE OR LIBERAL? WHAT'S MORAL MAXIMALISM? | Troy Cross"
Episode Information:
- Title: NEW REPORT: ARE BITCOINERS CONSERVATIVE OR LIBERAL? WHAT'S MORAL MAXIMALISM? | Troy Cross
- Host: Walker America
- Guest: Troy Cross
- Release Date: July 21, 2025
1. Introduction
In this insightful episode of THE Bitcoin Podcast, host Walker America engages in a deep discussion with Troy Cross, a philosophy professor and co-author of a comprehensive study on Bitcoin ownership and its correlation with political ideologies. The conversation delves into the nuances of Bitcoiners' political leanings, moral values, and the broader implications for Bitcoin adoption in the United States.
2. Background and Survey Overview
Troy Cross introduces the study, highlighting its status as the largest comprehensive survey on Bitcoin ownership and attitudes in the U.S., encompassing over 33,300 individuals. The study aimed to uncover whether Bitcoiners align more with conservative or liberal ideologies or if they possess a unique moral foundation.
"We surveyed like, 33,300 or something like that, different individuals. It was like a very official survey... and we found some very interesting things." [11:14]
3. Bitcoin Ownership and Demographics
Cross explains that the survey revealed a stable rate of Bitcoin ownership at approximately 12.5% based on direct ownership questions. When factoring in indirect exposures—such as through ETFs, retirement accounts, or joint holdings—ownership rises to 18.6%, equating to about 48 million American adults.
"So, basically, like you have these... on the do you own? Question. There's one more complication... we found 12 and a half percent to that same question. But when you consider... 18.6%, which is between 1 in 5 and 1 in 6." [16:07]
4. Political Alignment and Shifts
Last year's findings showed that Bitcoin ownership was politically neutral, aligning closely with the general American population's political distribution. However, this year's data indicates a slight rightward shift, with an increase in Bitcoin ownership among conservatives and a decrease among liberals.
"So yeah, that's a more nuanced message. It's like, where are we politically? On the whole, we're like where we were last year, but liberals own are less percentage of owners this year than they were last year and conservatives are more a percentage of owners than they were last year." [30:36]
5. Sentiment Towards Bitcoin
Despite Bitcoin's price doubling, overall sentiment towards it became less positive, especially among liberals. Owners of Bitcoin, however, maintained or even slightly increased their positive sentiment.
"But when you look at sentiment here, this is sentiment is a composite score... liberals dropped 0.7 last year... they're, they're going from basically neutral to slightly disagree with any positive statement about bitcoin." [30:41]
6. Barriers to Bitcoin Adoption
The study identified key barriers preventing wider Bitcoin adoption:
- Too Risky: 45.5%
- Don't Trust It: 43%
- Don't Understand It: 37%
- Not Enough Money to Invest: 27%
- Regulatory Uncertainty: 25%
- No Need: 23.5%
- Don't Know Where or How to Purchase It: 15%
- Too Political: 14.7%
- Environmental Concerns: 6.1%
- Unsure: 4%
"We should just tackle these from the big ones. You know, like, too risky, don't trust it, don't understand it." [53:11]
7. Moral Maximalism and Bitcoiners' Values
A standout concept from the study is "Moral Maximalism," a term coined to describe Bitcoiners who exhibit high levels of importance across various moral foundations. This distinct moral profile sets them apart from traditional conservative or liberal ideologies.
"Bitcoiners are their own. Have their own distinctive moral foundations profile, which I called it moral maximalism because they just seem to be higher almost everywhere." [61:07]
The moral foundations surveyed include:
- Care: Importance of empathy and protection.
- Cultural Liberty: Right to personal freedom unless it harms others.
- Economic Liberty: Right to manage personal property.
- Purity: Importance of moral and physical cleanliness.
- Authority: Respect for authority figures.
- Loyalty: Value placed on group allegiance.
- Equality: Fairness and proportionality in treatment.
Bitcoiners scored exceptionally high in Cultural Liberty and Purity, matching or exceeding conservative levels in most categories, yet maintaining moderate positions where applicable.
8. Implications on Politics and Education
The alignment of Bitcoin with conservative values, particularly economic and cultural liberty, suggests potential political implications. However, Bitcoin's strong association with political figures like Donald Trump has led to polarization, alienating some liberal and female segments of the population.
"Bitcoin is hyper male. We skipped that slide. But it's, you know, you're twice as likely to own bitcoin as a man than a woman." [38:44]
Cross emphasizes the critical role of education in overcoming barriers to Bitcoin adoption. By increasing understanding and trust, more individuals can appreciate Bitcoin's utility and moral grounding.
"It's a matter of education... It really does just come down to education." [75:03]
9. Future Studies and Closing Remarks
The conversation concludes with anticipation for upcoming global studies on Bitcoin adoption, expanding the current study's scope beyond the United States. Cross and Casen advocate for continued research and educational efforts to foster broader Bitcoin adoption.
"I'm looking forward to seeing Sarah Kreps and Ella Hoff too, who's also working on that, Ella and Sarah's project, the Signal project... that's one of the things I would love to know." [102:32]
Key Takeaways:
- Bitcoin Ownership: Remains substantial and comparable to major social categories like religion.
- Political Neutrality to Slight Rightward Shift: Bitcoin owners were previously politically neutral but are now slightly more conservative.
- Sentiment Decline Among Liberals: Despite rising institutional adoption, liberal sentiment towards Bitcoin has become more negative.
- Moral Maximalism: Bitcoiners uphold high moral values across various foundations, distinguishing them from traditional political categories.
- Education is Crucial: Addressing barriers through education can enhance Bitcoin adoption rates.
Notable Quotes:
- Troy [00:00]: "Bitcoiners are their own. Have their own distinctive moral foundations profile."
- Eric [28:08]: "It's a worrisome trend... Bitcoin's a positive sum game."
- Troy [61:07]: "Bitcoiners are just people who know about bitcoin. That's what characterizes bitcoin ownership more than anything else."
Conclusion
This episode offers a comprehensive analysis of Bitcoin's place within the American socio-political landscape. By uncovering the unique moral and political profiles of Bitcoiners, Troy Cross provides valuable insights into the factors driving Bitcoin adoption and the challenges ahead. The discussion underscores the importance of education and nuanced understanding in fostering a more inclusive and widespread embrace of Bitcoin.
Links & Resources:
- Survey and Report: NakamotoProject.org
- Follow Troy Cross: Twitter @thetrokro
- Bitcoin Policy Institute: For more reports and educational resources.