Investors in cryptocurrency are more likely to be psychopaths, study claims
- Owners of online currencies such as Bitcoin are more likely to have a dark personality
Research shows that people who own cryptocurrencies are more likely to be narcissistic and psychopathic sadists.
Cryptocurrency, which has grown enormously in popularity in recent years, is digital “money” that is outside the control of central banks and governments.
The global market is worth around £1.3 trillion and around five million adults in the UK are invested.
But now a study suggests that people who own online currencies such as Bitcoin are more likely to have a “dark tetrad” personality trait.
The research also found that investors are more likely to be men, more likely to rely on fringe sources on social media, more likely to believe in conspiracy theories and more likely to feel like victims.
Research finds cryptocurrency investors are more likely to be male and have ‘dark tetrad’ personality traits (file image)
The survey of 2,001 Americans, published in 2022 in the journal Plos One, found that 30 percent reported owning or having owned cryptocurrencies.
Analysis found that crypto ownership is associated with narcissism, psychopathy, sadism, and Machiavellianism – a personality trait characterized by manipulative behavior, deceitfulness, and high self-interest.
The researchers said: ‘While our results certainly do not apply to every crypto user, we found that crypto investing and ownership generally appeal to people who are more argumentative and anti-authoritarian and prefer to get their news from non-mainstream social media sites.
“Much work remains to be done in this area, but we hope that our research lays the foundation for future research aimed at understanding the psychological, political, and behavioral factors associated with this growing financial movement.” Experts have raised concerns about compulsive gambling using cryptocurrencies.
The research shows that online currency owners are more likely to rely on fringe sources on social media, believe in conspiracy theories and feel victimized (file image)
Last month, doctors warned that a growing number of young men are seeking treatment on the NHS after becoming addicted to bitcoin trading, with the health service calling for action against “unregulated cryptocurrency sites”.
NHS England chief executive Amanda Pritchard warned that specialist NHS gambling clinics are being left to fend for themselves after patients become addicted.
Crypto investors have also been at the center of a number of scandals, including the conviction of Sam Bankman-Fried, the former head of the FTX cryptocurrency exchange, who was sentenced to 25 years in prison in the US for a multibillion-dollar fraud.
The research was conducted by a team from the University of Toronto.