A recent study published in the open-access journal PLOS ONE suggests that individuals who invest in cryptocurrencies may exhibit distinctive personality traits and preferences, often linked with alternative social media sources.
The research, led by Shane Littrell from the University of Toronto and colleagues from the University of Miami, explored correlations between cryptocurrency ownership and various demographic, political, and psychological characteristics.
Crypto Investors Are Found to Self-Report 'Dark Tetrad' Personality Traits
Cryptocurrencies, known for their anonymous transactions and unregulated markets, have attracted global attention as both a medium of exchange and an investment vehicle.
Despite perceptions of financial volatility, many investors worldwide endorse cryptocurrency's viability. A 2022 study surveyed 2,001 American adults, revealing that nearly 30% reported owning or having owned cryptocurrency.
Participants disclosed personal information and responded to inquiries about their political ideologies, psychological traits, and social behaviors. Analyses conducted by Littrell and the rest of the team employed bivariate and multivariate methods to identify patterns linking cryptocurrency ownership with specific traits.
Notably, ownership showed significant associations with unconventional political beliefs, endorsement of conspiracy theories, and what psychologists term the "Dark Tetrad" of personality traits: narcissism, Machiavellianism, psychopathy, and sadism.
Further investigations underscored that crypto investors often rely on non-mainstream social media platforms for news consumption. This preference aligned with characteristics such as male gender, assertiveness, higher income levels, and feelings of marginalization.
While the study provided insights into these associations, the researchers cautioned against interpreting their findings as causal due to limitations in sample representation and reliance on self-reported data.
They acknowledged the need for additional research to understand the influence of specific media environments on cryptocurrency adoption.
Distinct Trading Subculture
Cryptocurrency, a digital asset secured through cryptographic techniques, has fostered a distinct trading subculture and prompted scholarly inquiry into its broader implications for financial markets and societal norms.
The research team noted that cryptocurrency owners frequently exhibit non-normative psychological profiles and divergent political affiliations. However, prior studies often involve small and non-representative samples, limiting the generalizability of their findings.
The researchers' survey sought to expand on previous research by capturing a more comprehensive view of cryptocurrency investors and their varied characteristics.
The study encouraged more extensive investigations into cryptocurrency use's behavioral, psychological, and political dimensions. By exploring these dimensions, researchers aim to shed light on the broader societal trends and individual motivations shaping the cryptocurrency landscape.
"Though our results certainly do not apply to every crypto user out there, on average, we found that crypto investment and ownership tends to appeal to people who are more argumentative, anti-authoritarian, and prefer to get their news from non-mainstream social media sites," the researchers wrote.
"There is still much work to be done in this area, but we hope our study helps lay the groundwork for future research aimed at understanding the psychological, political, and behavioral factors associated with this growing financial movement," they added.
