The stereotype of laser-eyed Bitcoin enthusiasts as “psychopaths” might have more substance than just an online joke.
A new peer-reviewed study reveals that cryptocurrency holders are more prone to “dark tetrad” personality traits compared to the general populace. These traits include narcissism, Machiavellianism, psychopathy, and sadism.
Are Bitcoin Holders Really Psychopaths?
Published on July 3, a study conducted by researchers from the University of Toronto and the University of Miami surveyed 2,001 American adults in 2022. The aim was to explore the “political, psychological, and social correlates of cryptocurrency ownership.”
The study found that about 30% of those surveyed owned some form of cryptocurrency. This group showed a higher tendency to believe in conspiracy theories and exhibited dark tetrad characteristics. Key predictors of cryptocurrency ownership included being male, using alternative or fringe social media for news, being argumentative, and having an aversion to authoritarianism.
Johns Hopkins Economics Professor Steve Hanke, known for his criticism of Bitcoin, recently highlighted the study on social media. He noted that crypto holders tend to display lower levels of analytical and scientific thinking and are more likely to exhibit psychopathic traits.
These findings echo a 2022 study from Queensland University of Technology, which identified a correlation between psychopathy, sadism, and the experience of crypto FOMO.
The New York Post’s viral article, “Bitcoin Fans Are Psychopaths Who Don’t Care About Anyone,” has become a meme among Bitcoin enthusiasts. In light of the recent study, some have humorously commented on the stereotype. Podcast host Zuby tweeted, “Fortunately, I lost all of my bitcoin in a boating accident. Wouldn’t want anyone to think I’m a psychopath.”
The study also highlighted other personality traits linked to crypto owners, such as a desire for chaos, dogmatism, a victimhood mentality, and psychological reactance. Additionally, these individuals were found to prioritize personal success and achievement over communal goals aimed at helping others.
Despite these findings, the study also noted some positive attributes associated with crypto owners.
