Bitcoin and cryptocurrency holders are more likely to have psychopathic traits
Do Bitcoin and cryptocurrency holders tend to have more psychopathic traits than the general population? This is the conclusion of a new study published in the journal PLOS One by researchers from the University of Toronto and the University of Miami.
Even the Bloomberg news service picked up on the results of the study.
Specifically, the owners of digital assets are said to exhibit a higher degree of "dark" personality traits such as narcissism, paranoia, Machiavellianism, psychopathy and sadism. In addition, crypto-sympathizers tend to have a greater need for chaos and a victim mentality is said to be more widespread among them.
Bitcoin and similar holders are also more likely to believe in conspiracy theories, use alternative media platforms more frequently and support extremist groups.
Bitcoin fans are psychopaths?
The researchers surveyed 2,001 Americans - 900 women and 1,101 men - in the summer of 2022. Around 30 percent of the study participants stated that they owned or had owned cryptocurrencies. The result: the approximately 600 sympathizers of Bitcoin and Co. differed significantly from the other respondents in terms of some personality traits.
We also found that owning cryptocurrencies was associated with a belief in conspiracy theories, "dark" personality traits (e.g. the "dark tetrad" of narcissism, machiavellianism, psychopathy and sadism) and a more frequent use of alternative and unconventional social media platforms.
From the study
In fact, there have already been some scientific studies that have established a connection between "dark personality traits" and investing in Bitcoin and Co. For example, a study by researchers at Queensland University of Technology with 556 participants.
At the time, the New York Post picked up on the study and ran the headline "Bitcoin fans are psychopaths who don't care about anyone, study shows", which became a meme in the Bitcoin community.
In the literature review, the authors of the more recent study refer to other surveys that have come to similar conclusions:
An analysis of the existing literature suggests that holders of cryptocurrencies have an above-average number of non-normative psychological traits and hold a range of non-mainstream political beliefs.
From the study
The properties of crypto holders
The factors most predictive of liking cryptocurrencies according to the more recent study, in addition to male gender, are the use of alternative media - particularly Telegram, Reddit, blogs and 𝕏 - to obtain information, the ability to argue and an anti-authoritarian attitude.
When examining a broader multivariate model, the variables that most strongly predict cryptocurrency ownership are being male, using alternative/borderline social media as a primary news source, argumentative ability, and an aversion to authoritarianism.
From the study
According to the study, Bitcoin and crypto investors are also more likely to fall into the conspiracy theorist camp. Nevertheless, they are said to place great trust in scientific experts, which the authors explain by a low tolerance for uncertainty. Holding cryptocurrencies was also positively correlated with trust in the government, although crypto-sympathizers rejected authoritarianism.
Interestingly, the crypto holders surveyed tended to be more politically aligned with the Democrats and more positive towards the very left-wing politicians Joe Biden and Bernie Sanders than Donald Trump. As Trump is positioning himself as the "crypto president" in the current presidential election campaign, it would be interesting to see whether more recent data paints a different picture.
The crypto holders were also more likely to be young, had a higher level of education and political interest, and earned more money. Although the sympathizers of Bitcoin and Co. were more often associated with an African-American or Hispanic background than a white background, the researchers found a connection with a tendency towards "white nationalism". However, the radical left-wing "Antifa" also tended to score positively on the sentiment barometer among the crypto holders surveyed.
A heterogeneous group?
Although the results of the study published this summer once again point to the notion that Bitcoin and crypto enthusiasts have negative personality traits, the data generally paints a mixed picture. The results seem to contradict each other in many respects, which may also indicate that the community behind Bitcoin and Co. is made up of personalities from a wide variety of camps.
As Bitcoin is pushing further and further into the mainstream and the data was collected in the summer of 2022, it can be assumed that the picture has already changed somewhat since then. Whether the Bitcoin community in the DACH region also exhibits more psychopathic traits is still unclear.
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