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Cryptocurrency Investors More Likely to Be Psychopaths, Study Says
By Xantha Leatham for the Daily Mail 01:01 05 Jul 2024, updated 01:07 05 Jul 2024
- Owners of online currencies like Bitcoin are more likely to have dark personalities
According to a study, people who own cryptocurrencies are more likely to be narcissists, psychopaths, and sadists.
Cryptocurrency, which has skyrocketed in popularity in recent years, is a digital “currency” that is outside the control of central banks and governments.
The global market is worth around £1.3 trillion and around five million UK adults have invested.
But now a study suggests that those who own online currency, such as Bitcoin – are more likely to have “dark tetrad” personality traits.
The research also revealed that investors are more likely to be men, rely on fringe sources on social media, believe in conspiracy theories, and feel victimized.
Cryptocurrency Investors More Likely to Be Male and Have ‘Dark Tetrad’ Personality Traits, Study Suggests (File Image)
The survey, published in the journal Plos One and conducted in 2022 among 2,001 Americans, showed that 30 percent of them said they owned or had owned cryptocurrencies.
The analysis revealed that cryptocurrency ownership is associated with narcissism, psychopathy, sadism, and Machiavellianism, a trait characterized by manipulation, deception, and high levels of self-interest.
The researchers said: “While our findings certainly do not apply to all cryptocurrency users, on average we found that cryptocurrency investing and ownership tend to appeal to people who are more argumentative, anti-authoritarian, and who prefer to get their information from non-traditional social media sites.
“There is still much work to be done in this area, but we hope our study will help lay the groundwork for future research to understand the psychological, political and behavioral factors associated with this growing financial movement.” Experts have expressed concern about compulsive gambling using cryptocurrencies.
Online currency holders are also more likely to rely on fringe social media sources, believe in conspiracy theories and feel victimized, the research found (file image)
Last month, doctors warned that a growing number of young men were needing NHS treatment after becoming addicted to bitcoin trading, with the health service also calling for action against “unregulated cryptocurrency sites”.
NHS England chief executive Amanda Pritchard has warned that NHS gambling clinics are being left “picking up the pieces” after patients become addicted.
Cryptocurrency investors have also been at the center of a series of scandals, including the conviction of Sam Bankman-Fried, the former head of cryptocurrency exchange FTX, who was sentenced to 25 years in a U.S. prison for multibillion-dollar fraud.
The study was conducted by a team from the University of Toronto.