Extremist-Right Groups' Use of Cryptocurrency: Variation Based On Ideological Subcurrent

Abstract

This thesis examines how extreme-right groups in Europe adopt and use cryptocurrency, with a focus on variation across ideological subcurrents. Drawing on a mixed-methods analysis of 53 far-right Telegram channels, it finds that cryptocurrency adoption is uneven and shaped by both ideological alignment and organizational structure. Groups that emphasize anti-establishment narratives and distrust of centralized financial institutions are more likely to adopt cryptocurrency, particularly when they possess strong digital infrastructures and transnational networks. The findings further show that cryptocurrency is used primarily for organizational rather than operational financing, supporting long-term activities such as propaganda, recruitment, and network maintenance. Variation across subcurrents suggests that ideological compatibility plays a critical role in shaping adoption patterns, sometimes outweighing purely instrumental considerations. By highlighting the interaction between ideology and organizational capacity, this study challenges predominantly functional explanations of cryptocurrency use and offers a more nuanced account of how financial technologies become embedded within extremist ecosystems.