Elena Vasilieva, somewhat paranoid, discusses why crypto enthusiasts believe in conspiracies (and why they might be right).
In the crypto industry, paranoia is not a diagnosis but a survival tool. While it’s easy to laugh at boomers who trust the television, serious discussions in niche chats revolve around the idea that regulators are working for Chinese communists, that Satoshi Nakamoto is an NSA project, and that if you go to sleep, Ethereum will surely rise.
Put on your tinfoil hat to understand how conspiracy theories have become the foundation of the digital economy, why Larry Fink is scarier than reptilians, and what DYOR has in common with religious ecstasy.
Drawing on reports about the psychological profile of crypto enthusiasts, investigations into account freezes, and academic works on conspiracy culture, we will try to understand: have we truly awakened or have we collectively lost our minds?
Introduction
The cryptocurrency market is a perfect storm for conspiracy theorists. It was born from a total distrust of traditional financial institutions, the government, and the Federal Reserve's printing press. In a community where everyone is their own bank, it’s logical to have legends about secret puppeteers pulling the strings of Bitcoin’s price.
If you’ve spent over a year in crypto without ever wondering if a “global cabal” is hunting wallets, your immersion in the industry has likely been superficial. In a bear market, paranoia becomes a defense mechanism (“I shaved the market maker”), while in a bull market, it fuels FOMO (“insiders are loading up, we need to jump in”).
The Psychology of the "Dark Tetrad": Where Distrust Comes From
To be frank, according to a study published in PLOS One, cryptocurrency owners are a unique breed. Researchers claim that crypto investors often exhibit traits of the so-called "Dark Tetrad": Machiavellianism, narcissism, psychopathy, and sadism.
This sounds like a diagnosis for a comic book villain, but it actually explains the attraction to risk and the total disdain for authority. A crypto enthusiast doesn’t trust CNN or BBC; they trust an anonymous user named CryptoDegenerate69 with a pixelated frog avatar.
This phenomenon aligns perfectly with the theories of researcher Ilya Yablokov, author of the book "Russian Culture of Conspiracy" (2020). Conspiracy theories serve as a tool for socialization and a way to regain control over reality.
When the government has let you down in 1991, 1998, 2008, and 2014, believing that “the central bank is a scam” becomes not just a theory but an empirical experience.
The world is chaotic, and the market is volatile. If your deposit has been wiped out, it’s painful for the psyche to admit that you bought a meme coin at its peak due to your own foolishness. It’s much more comfortable to think: “the market maker (the sinister Bogdanov with a phone) saw a long position and ordered a dump.”
The world divides into normies (the asleep) and awakened (crypto enthusiasts). This is classic Gnosticism, as discussed by American religious scholar and political scientist Michael Barkun in his book "A Culture of Conspiracy: Apocalyptic Visions in Contemporary America" (2003).
Barkun identifies the concept of "stigmatized knowledge" — truths that official institutions reject or ridicule. In our case, this knowledge is that fiat money is just paper, backed by nothing but the regulators' word.
We feel like heroes of "The Matrix." This sense of being chosen is a powerful drug, stronger than the Xs on shitcoins.
“Operation Chokepoint 2.0”: When Paranoia Turns Out to Be True
The most ironic aspect of crypto conspiracy theories is that sometimes the industry is indeed being watched. The line between the ramblings of a madman and insider information blurs when it comes to banks.
A notable case is that of Austin Federy, a former strategist at the Solana Foundation. In spring 2024, he tried to get a mortgage in New York. According to him, HSBC bank issued an ultimatum: either quit the crypto project or forget about buying a home.
“How can I be a more reliable borrower if I’m unemployed?” Federy wondered.
Venture capitalist Nic Carter coined the term “Operation Chokepoint 2.0.” The theory suggests that the administration of former U.S. President Joe Biden, the Federal Reserve, and the FDIC conspired to cut crypto businesses off from the dollar system.
Does it sound like the ramblings of a madman? Absolutely. But then documents from the Federal Deposit Insurance Corporation emerge (thanks to Coinbase for a lawsuit), where regulators explicitly ask banks to “pause” operations with digital assets. JPMorgan Chase CEO Jamie Dimon calls Bitcoin a fraud, and companies’ accounts are closed without explanation.
Here we see a classic confirmation of Barkun's ideas: conspiracy theories thrive where there is “systemic opacity.” Regulators don’t even need to enact new prohibitive laws. It’s enough to operate through “soft power” — informal recommendations, phone calls, and “whispers behind closed doors.” In this information vacuum, a monster is born: we start to believe that the government is not just incompetent but maliciously trying to destroy us.
Donald Trump’s victory in the U.S. presidential election, where he promised to “immediately shut down Chokepoint 2.0,” is perceived by the community not as a political shift but as a victory in a holy war against the Deep State. And here we smoothly approach QAnon.
QAnon, Trump, and NESARA: When Scams Meet Politics
You may have noticed how seamlessly the slogans of right-wing conspiracy theorists have woven into crypto Twitter. The call to Trust the Plan in QAnon is a twin of the “native” HODL.
QAnon’s ideas that the world is ruled by a satanic pedophile cabal of bankers and Democrats perfectly align with libertarian hatred for centralized finance. New Lines Magazine has excellently dissected how the vintage conspiracy theory NESARA/GESARA (which claims Congress secretly forgave all debts and is preparing a new currency) has mutated in the modern crypto industry.
According to the publication’s research, scammers convince their audience that the traditional banking system will collapse, and salvation will come from a “quantum financial system” (QFS) and specific digital assets. Scammers use social engineering techniques, ingratiating themselves with victims before persuading them to part with their money. Victims receive phishing emails promising access to NESARA’s “humanitarian funds.”
To receive payouts or protect savings from the dollar collapse, people are urged to urgently buy XRP tokens. This coin is chosen for its low fees and high transaction speed, making it easier to withdraw stolen funds. In conspiracy circles, XRP is referred to as the currency of the “white hats” (forces of good), contrasting it with Bitcoin.
Investigations have shown a connection between the promotion of the NESARA theory and certain politicians in the U.S. Republican Party. In March, Arizona state legislators Mark Finchem and Leo Biaciucci attended the Quantum Summit 2 event focused on NESARA and ufology.
Finchem openly called for investing in XRP and introduced a bill to create a “strategic reserve” of digital assets in Arizona. He proposed recognizing cryptocurrency as legal tender. Previously, Finchem had called XRP his favorite asset, although his office declined to comment on a potential conflict of interest.
Researchers noted that conspiracy theories have become flexible and easily adaptable to market trends. NESARA ideas have merged with QAnon narratives. Experts warned that the audience for such theories is perfectly suited for scammers, as they are already predisposed to believe in hidden knowledge and inevitable global changes.
Now, in chats, you can find claims that XRP or Stellar are indeed the “quantum financial system” (QFS) that will replace SWIFT after the inevitable collapse of the cabal. This is no longer just economics; it’s eschatology.
The logic of the conspiracy theorist is paradoxical: since the SEC is suing Ripple and “squeezing” the coin, it must be real, and XRP will become the world reserve currency. Tweets from Elon Musk or Trump are dissected as sacred texts, where every typo is searched for a signal “for the insiders.”
The Economy of “Gold Bugs” and the Fed as Enemy No. 1
It’s hard not to notice that the rhetoric of Bitcoin maximalists sounds suspiciously old-fashioned. British writer and cryptocurrency expert David Gerard rightly points out: a certain segment of the crypto industry is a reincarnation of the “gold bugs” of the mid-20th century.
The idea is simple: the abolition of the gold standard was a conspiracy by bankers to steal the wealth of the people through inflation. This rhetoric has been adopted by “maximalists,” only blockchain has replaced gold in the equation.
Of course, it’s important to separate technology from ideology. The Bitcoin white paper is a strictly technical document, devoid of political slogans. However, ideological motivation is evident in the context of the network’s launch. The famous message that Satoshi left in the hash of the genesis block (“Chancellor on brink of second bailout for banks”) is interpreted by many researchers not just as a timestamp but as a political manifesto.
This technical document became a banner for those who view quantitative easing (QE) not as a monetary tool but as a malicious plot.
Here, Yablokov's theory of “top-down conspiracy” works like clockwork. Crypto enthusiasts see the actions of Federal Reserve Chairman Jerome Powell not as an attempt to save the economy but as a coordinated attack on citizens' wallets.
Folklore, Magic, and the Sleeping Ethereum
But it’s not just about politics. Reddit is full of “household magic” proving that the industry is not far removed from shamanism.
For instance, there’s the “reverse indicator theory”: the market always moves against a trader’s position as soon as they hit the “Buy” button. Or the popular observation: “Ether only rises while the holder is asleep. As soon as they wake up and check the chart, a correction begins.”
This is pure magical thinking. When technical analysis resembles astrology and fundamental analysis fails, the brain finds it easier to explain a position liquidation as interference from higher powers than to admit the market’s unpredictability.
DYOR as a Cargo Cult
The phrase Do Your Own Research is the industry’s main mantra. Formally, it’s a call for fact-checking. Certainly, there are tools for deep analysis in the industry: on-chain audits, studying smart contracts, checking liquidity. But in the mass segment, DYOR has turned into a ritual incantation. Influencers use this phrase to absolve themselves of responsibility for leading retail investors astray. And retail investors nod, like, and buy meme coins on Solana.
For most retail investors, “doing your own research” boils down to watching a YouTube video that confirms what they already want to believe. DYOR has mutated into a cargo cult.
The paradox is that total distrust of institutions (Bloomberg is lying!) breeds blind faith in anonymous Telegram channels. A person feels intellectually superior to the crowd, believing that “the project has been studied” (they read a thread on X), when in reality, it’s just falling into another propaganda funnel.
In the context of “conspiracy culture,” DYOR is an illusion of possessing secret knowledge. You didn’t just buy an asset; you researched it. You touched the truth hidden from the crowd. This gives a sense of control in an absolutely uncontrollable casino.
Who Created Bitcoin: Cypherpunks or the NSA?
The figure of Satoshi Nakamoto is the Holy Grail of the community and the main source of fears. Theories surrounding him divide into bright (the lone genius) and dark. One of the most enduring and grim legends is the hypothesis of intelligence agency involvement: supposedly, Bitcoin is a project of the U.S. National Security Agency.
Proponents of this theory often point out that the SHA-256 hashing algorithm was developed within the NSA. The logic of conspiracy theorists is built on the idea of a “digital trap”: while cash provides true anonymity, Bitcoin, being a public ledger, creates ideal conditions for total control. In this version of reality, Satoshi is not a liberator but the architect of a digital panopticon.
Of course, there are other, more exotic or, conversely, mundane versions. Some believe that the pseudonym concealed a collective mind of a group of developers, while others point to cryptography pioneers like Hal Finney or Len Sassaman. Some go further, suggesting the involvement of an artificial intelligence from the future.
However, according to Yablokov, the figure of the “invisible hand” is necessary for conspiratorial thinking. We cannot organically accept that a global financial revolution is the work of a couple of geeks. We need a Grand Design.
The Trojan Horse of Larry Fink
Once, the enemies were abstract bankers. Now, evil has a name — BlackRock CEO Larry Fink. The approval of a spot Bitcoin ETF sparked not only price euphoria but also a wave of horror among the old guard of cypherpunks.
The “Trojan Horse” theory posits that Wall Street entered crypto not to profit but to seize control.
The scenario feared by skeptics looks like this:
- regulatory pressure clears the field of “gray” exchanges;
- in the resulting vacuum, BlackRock enters in shining armor of legality;
- having amassed a critical mass of coins, giants begin to dictate the rules of the game at the mining level.
Here lies a very real technical threat, not just conspiracy theory. If large mining pools (for example, those based in the U.S. and complying with OFAC requirements) start ignoring transactions from addresses on sanctions lists, the network will effectively split.
Bitcoin would divide into “clean” (institutional, KYC-compliant) and “dirty” (free, but rejected by major players). Such a scenario of transaction censorship at the block level is being discussed quite seriously.
In this worldview, the ETF is a raid on the dream of decentralization. And you know what? Looking at the inflows into IBIT, it’s hard to say this theory is without merit.
Barkun's Conspiracy Culture: Apocalypse Today
If we overlay Barkun’s matrix onto the crypto industry from his book "A Culture of Conspiracy," everything falls into place.
- Stigmatized knowledge. What European Central Bank President Christine Lagarde calls crypto trash is the best proof of an asset's value. “If they criticize it, they want to buy it cheaper.”
- Inversion of fact and fiction. A Reuters investigation is declared FUD and a hit job. An anonymous thread about a moon landing is taken as insider information.
- Improvisational millenarianism. This is the expectation of the End Times. Crypto enthusiasts live in anticipation of Hyperbitcoinization — the moment when the old world (the dollar) collapses in the flames of hyperinflation, and holders of private keys become the new elite.
Preparation is not for retirement. Preparation is for the apocalypse. In this concept, blockchain is Noah's Ark.
Don’t Trust, Verify
Analyzing all this through the lens of Barkun and Yablokov’s research leads to an unflattering yet amusing conclusion. Conspiracy culture in the crypto community is not a bug but a feature. It unites people against a common enemy, whether it’s the SEC, the Federal Reserve, or reptilians.
However, as practice shows, sometimes investors are indeed being watched. The main skill for crypto enthusiasts in 2026 will be distinguishing real regulatory risks from esoteric fantasies about quantum systems.
So, you can wear your tinfoil hat with pride, but don’t forget: sometimes FUD is just FUD, and a scam is just a scam, without CIA involvement. And, of course, it’s worth doing DYOR. For real.