Bitcoin

Exclusionary nationalism historically leads to capital controls, censorship of foreign ideas, and preference for state-backed systems—all headwinds for permissionless crypto. While prewar Japan is a specific case, similar dynamics are visible today in certain jurisdictions (e.g., Russia, China) where language nationalism correlates with tighter crypto restrictions. This research adds a behavioral layer to the geopolitical risk premium already priced into markets.

Research highlights link between exclusionary nationalism and language use, suggesting that as nationalist attitudes intensify, people favor native words and reject foreign ones.