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Why Bakunin Wouldn't Buy Bitcoin: Vadim Volkov on the Divide Between Anarchists and Cypherpunks

Vadim Volkov discusses the historical evolution of anarchism and its disconnect with modern cryptocurrencies in a recent podcast episode.

Mercation Admin
June 16, 2026 2 min read
Why Bakunin Wouldn't Buy Bitcoin: Vadim Volkov on the Divide Between Anarchists and Cypherpunks

In a recent episode of "Deconstruction," Vadim Volkov, rector of the European University in St. Petersburg, discussed the evolving concept of anarchism and its relationship with modern technologies such as blockchain and cryptocurrencies.

Volkov traced the historical roots of anarchism, noting that its perception shifted dramatically from being seen as a threat to governance in ancient Greece to a more constructive ideology during the 19th century. Influential thinkers like Pierre-Joseph Proudhon advocated for a society organized without state intervention, emphasizing direct exchanges among individuals.

He highlighted Proudhon's ideas on the exchange economy, which focused on small communities engaging in direct transactions devoid of interest or rent, forming a voluntary social contract to establish community principles.

Volkov explained that the state's monopoly on legitimate violence solidified around the 17th century, leading to a political landscape where anarchists proposed mutual aid as a natural state. However, he critiqued this notion, arguing that it overly romanticized human nature.

He examined the contemporary landscape of political rebellion, suggesting that direct political action often leads to the co-optation of individuals by state power. Instead, he noted a trend towards lifestyle anarchism, which values personal freedom and creativity over seizing political power.

When discussing Balaji Srinivasan's Network State project, Volkov acknowledged its innovative spirit but cautioned against misusing the term "state," asserting that these initiatives are better viewed as social experiments rather than true states.

Volkov also addressed the rise of crypto-anarchism, acknowledging its roots in minimizing trust through smart contracts. However, he expressed skepticism about the actualization of anarchism through cryptocurrencies, pointing out that early anarchists struggled to establish reliable decentralized infrastructures, and that the widespread adoption of blockchain technology remains a significant challenge.

He emphasized the importance of ethical commitments within crypto projects, arguing that participants should prioritize their responsibilities over the right to exit, which could undermine long-term community goals. Volkov concluded by stating that classical anarchist figures like Proudhon and Bakunin would likely reject the techno-optimism associated with cryptocurrencies, as their ideals fundamentally oppose market-driven approaches.