Cryptocurrency investors are more likely to self-report ‘Dark Tetrad’ personality traits, study shows

Owning cryptocurrencies may be associated with certain demographic and personality characteristics, as well as a reliance on alternative or fringe social media sources, according to a study published July 3, 2024, in the open-access journal PLUS ONE by Shane Littrell of the University of Toronto, Canada, with colleagues at the University of Miami, USA.

Anonymous trading and unregulated markets are the hallmarks of the unique cryptocurrency subculture. While some consider the digital currency to be financially unreliable, hundreds of millions of global investors think otherwise.

This study identified several political, psychological and social characteristics that differentiate crypto Investors who hold back. Existing studies (which generally include smaller samples) describe cryptocurrency owners as psychologically nonnormative and politically unconventional.

To test this, Littrell and his colleagues surveyed 2,001 American adults in 2022, of whom about 30% answered “Yes” to owning or having owned cryptocurrency. Participants provided demographic information and other answers that revealed their political, psychological, and social traits.

The researchers conducted several bivariate correlational analyses, which measured how strongly cryptocurrency ownership is associated with other variables individually, as well as a multivariate analysis. regression analysiswhich attempts to identify the variables that are most important in predicting cryptocurrency ownership.

Correlational analyses showed that cryptocurrency ownership is associated with belief in Conspiracy theoriessupport for political extremism, identification with neither left- nor right-wing political orientations (e.g., Christian nationalism), and the "Dark Tetrad" of personality traits (narcissism, Machiavellianism, psychopathy, and sadism).

The more holistic analysis revealed which self-reported qualities are most likely to predict cryptocurrency ownership, with the most strongly associated factor being reliance on marginal assets. social media News sources. Other strongly associated characteristics included masculinity, argumentativeness, higher income, and feelings of victimization.

Through all Survey dataCryptocurrency owners reported diverse political orientations and identities with a mix of left- and right-wing leanings.

The researchers acknowledge that the correlations they identified are limited by the sample of participants and the fact that they self-reported their characteristics, and cannot be interpreted as causal. Because of the strong correlation between social media and cryptocurrency ownership, they encourage future research into the influence of specific media or rhetoric on cryptocurrency ownership.

The authors add: "While our results certainly do not apply to all cryptocurrency users, on average, we find that cryptocurrency investment and property It tends to attract more argumentative, anti-authoritarian people who prefer to obtain information through non-conventional social media. media sites.

"There is still much work to be done in this area, but we hope that our study will help lay the groundwork for future research aimed at understanding the psychological, political and behavioural factors associated with this growing financial movement."