Crypto holders more likely to be psychopaths, study finds

The old Twitter joke about laser-eyed Bitcoin maxis being “psychopaths” may be more than just a meme.

Another peer-reviewed study has found that cryptocurrency holders are more likely to display “dark tetrad” personality traits than the general population, among other quirks.

Are Bitcoin Holders Really Psycho?

Published on July 3, researchers from the University of Toronto and the University of Miami surveyed 2,001 American adults in 2022 to assess the “political, psychological and social correlates of cryptocurrency ownership.”

According to the summary, approximately 30% of respondents owned some form of cryptocurrency. This group was most associated with “belief in conspiracy theories”, along with dark tetrad characteristics such as “narcissism, Machiavellianism, psychopathy and sadism”.

“The variables that most strongly predict cryptocurrency ownership are being male, relying on alternative or fringe social networks as a primary source of news, argumentativeness, and aversion to authoritarianism,” the study added.

The research paper went largely unnoticed until it was shared online by Johns Hopkins economics professor Steve Hanke, a well-known critic of Bitcoin, earlier this week. “Crypto holders show lower levels of analytical and scientific thinking and are more likely to exhibit psychopathy,” he told followers while sharing the study.

The study’s findings mimic those of scientists at the Queensland University of Technology in 2022, who surveyed more than 500 people and found that both psychopathy and sadism were associated with the experience of crypto FOMO.

The New York Post shared these findings in an article titled “Bitcoin Fans Are Psychopaths Who Don’t Care About Anyone,” which went viral online and became a long-standing meme among Bitcoin holders.

With another study supporting the claim, some scoffed at the updated label. “Fortunately, I lost all my bitcoin in a surfing accident,” podcast host Zuby tweeted on Friday. “I wouldn’t want anyone to think I’m a psychopath.”

Cryptocurrency owners are rich and educated

The paper identified other personality attributes associated with Bitcoiners, such as a “need for chaos”, dogmatism, victim mentality and psychological reaction. They were also more likely to value goals related to success and independent achievement rather than common goals aimed at helping others.

However, there were also more positive outcomes for cryptocurrency owners.

“Cryptocurrency owners are largely more educated, have higher incomes, and are more religious than those who have never owned cryptocurrencies,” the study found.

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