Crypto holders are more likely to be psychopaths, study finds

The old Twitter joke about laser-eyed Bitcoin maxis being “psychopaths” may be more than a reminder.

Another peer-reviewed study found that crypto holders are more likely to exhibit “dark tetrad” personality traits with other quarks than the general population.

Are Bitcoin Holders Really Psychos?

Published July 3, University of Toronto and University of Miami researchers 2001 Opinion of American adults 2022 “Political, psychological and social correlates of cryptocurrency ownership.”

According to the abstract, approximately 30% of those surveyed had some form of encryption. This group is associated with “belief in conspiracy theories” and the Dark Tetrad traits include “narcissism, Machiavellianism, psychopathy, and sadism.”

“Variables that strongly predict cryptocurrency ownership are being male, favoring alternative/social media as a primary news source, litigation, and anti-authoritarianism,” the study added.

The research paper went largely unnoticed until it was shared online earlier this week by Johns Hopkins economics professor Steve Hanke — a prominent bitcoin critic. “Crypto owners show low analytical and scientific thinking and may exhibit psychopathy,” he told his followers while sharing his research.

The findings of the study, which simulated scientists at the Queensland University of Technology in 2022 and surveyed more than 500 people, found that both psychopathy and sadism were associated with the experience of crypto FOMO.

The New York Post shared these findings in an article titled “Bitcoin Proponents Are Psychopaths Who Don't Care” that went viral online and became a long-time memory among Bitcoin owners.

In another study that backed up the claim, some scoffed at the renewed label. “Unfortunately, I lost all my bitcoins in a boating accident,” podcast host Zubi tweeted on Friday. “I don't want anyone to think I'm a psychologist.”

Crypto owners are rich and educated

The paper identified other personality traits associated with Bitcoiners, including “a passion for violence, dogmatism, victim mentality, and psychological reactivity.” They were also found to be more likely to value goals related to independent achievement and success than collective goals aimed at helping others.

However, there were more positive findings for crypto holders as well.

“Cryptocurrency holders are generally more educated, have higher incomes and are more religious than non-cryptocurrency holders,” the study found.