A recent study indicates that individuals who own cryptocurrency are more prone to exhibiting dark personality traits, such as psychopathy and narcissism, compared to the general population.
A research study carried out by researchers from the University of Toronto and the University of Miami surveyed 2,001 American adults to explore the connections between cryptocurrency ownership and various psychological, political, and social characteristics.
Study Details
The study included 900 men and 1,101 women, with an average age of 48. The aim was to gain insights into the demographic and psychological traits of cryptocurrency owners.
The researchers collected demographic data, including age, gender, income, education level, religious and political views, psychological traits, and media consumption habits, to better understand the personality and behaviors of cryptocurrency holders.
30% of the participants owned some form of cryptocurrency; these individuals tend to be more argumentative, anti-authoritarian, and favor alternative and niche social media platforms.
“We found that owning cryptocurrency was linked to a belief in conspiracy theories and associated with ‘dark’ personality traits such as narcissism, Machiavellianism, psychopathy, and sadism,” the study notes.
The research indicates that cryptocurrency owners are more inclined to rely on alternative or niche social media for news and tend to be more confrontational. Additionally, they exhibit a strong aversion to the institutional authority system.
While many cryptocurrency advocates are known for their libertarian viewpoints, participants in the study were more likely to hold liberal views and identify as Democrats. However, the researchers caution against drawing overly broad political conclusions from these findings, as the correlations are weak and do not indicate a definitive political trend.
Criticism of the Results
Despite the attention garnered by the study’s findings, critics argue that it is an overstatement to categorize cryptocurrency owners as psychopaths. Steve Littrell, one of the study’s authors from the University of Toronto, emphasized that labeling individuals as “psychopaths” could lead to misinterpretation and may exaggerate the actual context.
Andrew Urquhart, head of finance at the University of Birmingham, who did not participate in the study, stated, “I wouldn’t classify people who invest in gold or silver as psychopaths.” He argued that singling out a specific investment category and linking it to dark personality traits can be misleading, since financial choices often stem from far more complex motivations.
According to Urquhart, cryptocurrency was once regarded as a safe haven, particularly during the 2018-2020 period when its correlation with traditional markets was lower. However, he noted that cryptocurrencies are no longer considered safe havens today, as they have become more closely tied to traditional financial markets.
Given these considerations, future research should investigate the themes of mistrust, populism, and cynicism towards established institutions, along with their social and economic implications on a global scale. The researchers believe that understanding these trends is crucial for maintaining political and economic stability.
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<p><strong>According to a recent study, cryptocurrency owners are more likely to exhibit dark personality traits such as psychopathy and narcissism compared to the rest of the population.</strong></p>
<p>A <a href="https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0305178#sec002">research</a> conducted by researchers from the University of Toronto and the University of Miami surveyed 2,001 American adults to map the relationship between cryptocurrency ownership and various psychological, political, and social characteristics.</p>
<h2>Details of the Study</h2>
<p>900 men and 1101 women took part in the study, with an average age of 48. The purpose of the research was to understand the demographic and psychological characteristics of cryptocurrency owners.</p>
<h3>Demographic Data Collected</h3>
<ul>
<li>Age</li>
<li>Gender</li>
<li>Income</li>
<li>Education</li>
<li>Religious and Political Views</li>
<li>Psychological Characteristics</li>
<li>Media Usage Habits</li>
</ul>
<p>This data helped the researchers create a more detailed picture of the personality and behavior of cryptocurrency owners. <strong>30% of the respondents had invested in some form of cryptocurrency</strong>, revealing trends unique to this group.</p>
<h2>Key Findings</h2>
<p>The study concluded that cryptocurrency ownership is associated with several notable personality traits:</p>
<ul>
<li><strong>Belief in Conspiracy Theories:</strong> Cryptocurrency owners were more likely to subscribe to conspiracy theories.</li>
<li><strong>Dark Personality Traits:</strong> Traits such as narcissism, Machiavellianism, psychopathy, and sadism were prevalent among those who owned cryptocurrency.</li>
<li><strong>Argumentative Nature:</strong> Many cryptocurrency owners displayed a tendency to be argumentative and anti-authoritarian.</li>
<li><strong>Preference for Alternative Media:</strong> They often relied on alternative and peripheral social media platforms for news.</li>
</ul>
<h3>Political Views Among Cryptocurrency Owners</h3>
<p>While the majority of cryptocurrency holders are often described as libertarian, the study revealed that participants mostly identified as liberal and were likely to align with the Democratic Party. However, the researchers warned against overgeneralizing this data, emphasizing that the correlations observed were weak and did not present a clear political pattern.</p>
<h2>Criticism of the Study</h2>
<p>Despite gaining media attention, many scholars criticized the findings. Critics argue that labeling cryptocurrency owners as psychopaths could mislead the public and misrepresent the study’s findings.</p>
<p>Steve Littrell, one of the study's authors from the University of Toronto, stated, <strong>"The use of the term 'psychopathy' may lead to misinterpretation of the study results"</strong>, underscoring the importance of context in interpreting their findings.</p>
<p>Another voice of dissent, Andrew Urquhart, head of finance at the University of Birmingham, remarked: <em>"I wouldn't say that people who hold gold or silver are psychopaths."</em> He emphasized that financial decisions, including investments in cryptocurrency, are typically influenced by a wide variety of complex factors rather than underlying psychological traits.</p>
<h2>The Changing Landscape of cryptocurrency</h2>
<p>Historically, cryptocurrencies were viewed as safe havens for investors, especially during periods when their correlations with traditional markets were minimal, specifically between 2018-2020. Today, however, cryptocurrencies are viewed with more caution as they increasingly reflect the risks associated with traditional financial markets.</p>
<h2>Future Directions in Research</h2>
<p>In light of these findings, future research should delve deeper into the topics of mistrust, populism, and cynicism concerning existing institutions, alongside their broader social and economic implications. Understanding these dynamics is paramount for ensuring political and economic stability moving forward.</p>
<h2>Case Studies & Real-World Applications</h2>
<table class="wp-block-table">
<thead>
<tr>
<th>Case Study</th>
<th>Key Insights</th>
</tr>
</thead>
<tbody>
<tr>
<td>A 2017 Bitcoin Surge</td>
<td>Increased interest from investors reflecting psychological motivations behind market behavior.</td>
</tr>
<tr>
<td>2021 Market Volatility</td>
<td>Psychological traits influencing decisions during market crashes, leading to varying responses among investors.</td>
</tr>
<tr>
<td>Impact of Institutional Investments</td>
<td>Changes in public perception of cryptocurrency and its owners as larger institutions begin to adopt crypto assets.</td>
</tr>
</tbody>
</table>
<h3>First-Hand Experiences from Cryptocurrency Investors</h3>
<p>Real stories from cryptocurrency investors often reflect a broad spectrum of motivations and attitudes:</p>
<ul>
<li><strong>Jane, a 32-year-old investor:</strong> Shares her belief in the transformative power of blockchain technology, driven by curiosity about alternative financial systems.</li>
<li><strong>Mark, a 45-year-old entrepreneur:</strong> Found motivation in decentralized financial systems that offer more autonomy compared to traditional models.</li>
<li><strong>Linda, a 28-year-old crypto enthusiast:</strong> Advocates for more awareness regarding the psychological factors influencing investment choices.</li>
</ul>
</div>https://www.youtube.com/watch?v=videoseries
