In times of crisis, people look to their government – or, at least, they want to.
They may not have actual faith in the state’s capacity against a pandemic. But many of us want to believe there's someone with a higher plan.
Coronavirus is a test of our faith and trust in government. Can we rely on our leaders in an hour of need to make the right calls and procure the necessary ventilators and PPE? Or, are we better off building a bunker in the yard with a 10-year supply of ravioli?
People in crypto are known for their libertarian, anti-state bent. The stereotypical bitcoiner got in out of disdain for state power. Even if many in the blockchain industry don't fit the stereotype, it's probably true that the community tends self-reliant and self-executing. Generation Crypto is all about e-empowerment: the ability to control and manage one’s life via code and a screen.
But even crypto looks to government in a crisis like the one we're now experiencing. According to a new CoinDesk reader survey, strong majorities are in favor of unusual government measures like enforcing social distancing, stopping travel and telling corporations what to manufacture.
“People want to believe the people in charge know what the fuck they’re doing. And because crypto people are so cynical, they assume they can’t trust the government. But they still want it to be competent,” said Maya Zehavi, founder of an un-launched crypto startup and the Israeli Blockchain Industry Forum, said in a phone call.
As the COVID-19 outbreak takes hold, governments are re-asserting themselves in the chaos and confusion, sometimes helping, sometimes making things worse. Decisions to lock down cities, flood the economy with cheap money, and clear the streets of people not observing distancing rules are all being taken by governments, not individuals.
CoinDesk asked readers to get hard data about how the crypto community – if that is a sensible term – feels about these measures.
In an informal survey, we aimed to test the association between holding crypto, political affiliation, and readers' approval of how governments are handling the novel coronavirus pandemic.
So how are governments handling this? The overwhelming answer: not well. Though not for the obvious reasons that a type-casted bunch of libertarian tech bros would lead you to believe. These advocates for decentralization want a stronger governmental response, financial support for the vulnerable, and clamp downs on travel.