As a seasoned researcher with a background in psychology and economics, I have always been intrigued by the intersection of these two fields, particularly in the context of financial markets. The recent study linking Bitcoin holders to certain personality traits, such as psychopathy and narcissism, has piqued my interest.
The old Twitter joke about laser-eyed Bitcoin maxis being “psychopaths” may be more than just a meme.
Another recently published research paper, which underwent peer review, reveals that individuals who own cryptocurrencies tend to display traits associated with the “dark tetrad” personality type more frequently than the average population, along with certain distinctive behaviors.
Are Bitcoin Holders Really Psychos?
On July 3rd, a study conducted by researchers from the University of Toronto and the University of Miami surveyed 2001 U.S. adults in 2022 to examine connections between politics, psychology, and society, and the ownership of digital currencies like cryptocurrency.
Approximately one-third of the survey respondents reported owning a type of digital currency, often referred to as cryptocurrency. This particular group showed a higher correlation with believing in conspiracy theories, along with traits associated with the “dark tetrad,” which encompass narcissistic, manipulative (Machiavellian), psychopathic, and sadistic tendencies.
According to the research, factors that significantly influence whether someone owns cryptocurrencies are: being male, frequently using unconventional social media platforms for news, having a tendency towards debates, and having a dislike for authoritative systems.
The research paper garnered little attention until it was recently posted online by Johns Hopkins Economics Professor Steve Hanke, a well-known critic of Bitcoin. In a social media post, he suggested that individuals who hold cryptocurrencies tend to exhibit lower levels of analytical and scientific reasoning, and are more likely to display psychopathic traits.
The results of this study mirror those from a 2022 research conducted by scientists at Queensland University of Technology, involving more than 500 participants, who discovered a link between the sensation of crypto FOMO (Fear Of Missing Out) and both psychopathic and sadistic traits.
An article from the New York Post, titled “Bitcoin enthusiasts are indifferent psychopaths,” gained widespread attention and has since been a popular joke among Bitcoin investors.
In response to another study supporting the claim, some people jokingly mocked the revamped label. On Friday, podcast host Zuby humorously tweeted, “Fortunately, I managed to lose all my bitcoin in a boating accident. I wouldn’t want anyone to suspect me of being a psychopath.”
Crypto Owners Are Wealthy And Educated
As a crypto investor, I’ve come to realize that my personality traits may be intertwined with my investment choices. Research suggests that Bitcoin enthusiasts often exhibit a preference for unpredictability, a strong sense of dogmatism, a victimhood mentality, and a tendency to resist external influence – a need to assert personal freedom. Interestingly, we tend to prioritize individual success and self-achievement over collective goals aimed at helping others.
However, there were more positive findings for crypto owners as well.
According to the research, people who own cryptocurrencies tend to be better-educated, earn higher incomes, and express stronger religious beliefs compared to individuals who have not invested in cryptocurrencies.
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2024-08-31 19:56