Cryptocurrency Investors May Have Dark Personalities, Study Suggests

In a world where cryptos are often seen as the symbol of financial revolution, a new study reveals a less glorious facet of their owners.

A recent study, published in the scientific journal PLOS One, has uncovered a surprising link between cryptocurrency ownership and specific personality traits. Conducted by a team of researchers from the University of Toronto and University of Miami, the findings reveal a higher prevalence of "dark" personality characteristics among those who own or have owned cryptocurrencies.

The study, led by Shane Littrell of the University of Toronto and Casey Klofstad and Joseph Uscinski of the University of Miami, surveyed 2,001 American adults in 2022, collecting data on their cryptocurrency ownership and personality traits. Among the participants, 669 reported owning or having owned cryptocurrencies.

The researchers assessed personality traits using the Dark Tetrad scale, which measures four distinct traits: narcissism, machiavellianism, psychopathy, and sadism. Individuals scoring high on these traits tend to be self-centered, manipulative, and exhibit a lack of empathy or remorse.

The findings indicate a significant positive correlation between cryptocurrency ownership and the presence of dark personality traits, particularly narcissism and psychopathy. Those who reported owning cryptocurrencies also scored higher on measures of neuroticism and extraversion.

Interestingly, the study also found that crypto holders are predominantly male and exhibit a strong aversion to authoritarianism. This sociopolitical profile contradicts the common perception that cryptocurrencies are primarily attractive to far-right individuals.

According to the study, crypto investors show a preference for alternative social media platforms, such as Telegram, Truth Social, and Reddit, over traditional media. This preference for alternative information channels emerged as one of the strongest predictors of cryptocurrency ownership.

The researchers also observed that crypto investors tend to believe in conspiracy theories more frequently than non-crypto owners. This aligns with previous research suggesting a link between crypto ownership and a distrust of authority and susceptibility to unconventional narratives.

The study concludes that crypto owners are more likely to engage in risky financial behaviors, such as cryptocurrency investments, and may be driven by a combination of psychological and behavioral traits. These traits, including narcissism, machiavellianism, psychopathy, sadism, and a preference for alternative information sources and conspiracy theories, contribute to their propensity for high-risk financial activities.

It's important to note that while the study provides valuable insights, it is based on correlations and does not definitively establish causality. Additionally, the findings may not be universally applicable to all crypto investors, as many may approach these investments responsibly and do not exhibit the psychological characteristics described in the study.

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