Own crypto? You’re a psychopath, scientists say

As an analyst with a background in psychology and experience in the crypto space, I find this study intriguing but also limited in its scope. The correlation between crypto investing and certain personality traits, such as narcissism, psychopathy, and sadism, is concerning. However, it’s essential to remember that correlation does not imply causation. The researchers didn’t prove that owning crypto causes these personality traits; instead, they found an association.

Newly published studies hint at the possibility that crypto investors may exhibit less analytical reasoning abilities compared to other investors. However, it’s essential to note that this finding requires further investigation and confirmation.

A recent scientific investigation unveiled fresh findings about the demographic groups that hold cryptocurrencies – the results may raise eyebrows.

Studies suggest a link exists between owning digital assets and exhibiting traits of narcissism, psychopathy, and sadism, according to researchers.

As a seasoned crypto investor, I’ve noticed that some communities within the space, which I jokingly refer to as “Cryptobros,” tend to have distinct characteristics. These individuals are more prone to heated debates, harboring beliefs in far-fetched theories, and relying on unconventional social media platforms for their news sources.

Approximately 2,000 American adults participated in the research. Among them, around 30 percent admitted to having previously purchased or exchanged cryptocurrencies.

Scholars observed that Bitcoin originated from a deep-seated mistrust towards conventional currencies and financial establishments, a sentiment that might be understandable considering its debut during the wake of a major global economic downturn. However, these scholars proposed an alternative perspective.

“Institutions and established power structures are met with skepticism and mistrust, often leading to beliefs in conspiracies, rejection of scientific findings, a preference for disorder, and leaning towards unconventional political views.”

One significant proposition advanced in this research paper may be met with disapproval from the cryptocurrency community. This suggestion posits that individuals who have invested in Bitcoin exhibit lesser amounts of cognitive abilities linked to analytical processing. In simpler terms, it’s proposed that these people might rely less on logical and systematic thinking when making their investment decisions.

Individuals who put their money into cryptocurrencies have reportedly shown greater levels of perceived anxiety, depression, impulsiveness, loneliness, mood disorders, and stress than those who do not invest in them.

For individuals intensely engaged in crypto investing and monitoring market fluctuations around the clock, it’s undeniable that this experience can induce significant stress. The unpredictability of cryptocurrency values may cause worry and impulsiveness. Moreover, due to the stigma surrounding mental health discussions within the crypto community, feelings of isolation might also surface as traders mask their losses with a facade of resilience.

The research uncovered an intriguing detail: crypto users often obtain news from non-traditional social media platforms like Telegram, Reddit, and Truth Social. Given the limited discourse and reporting on cryptocurrencies in mainstream media, this isn’t entirely surprising.

Rounding up who the typical digital asset investor looks like, the researchers wrote:

“An image came to light, revealing that the ownership of cryptocurrencies is more common among men and those identifying as male, with slightly above average income levels, and carrying a sense of being wronged by what they believe to be an unjust life.”

Shane Littrell, Casey Klofstad from the University of Toronto, and Joseph Uscinski from the University of Miami authored the study. These scholars emphasized the importance of conducting further investigations to determine if the observed correlations between political views, psychological traits, and social factors among crypto investors are merely coincidental or indicative of significant differences between those who hold Bitcoin compared to altcoins. The researchers also plan to delve into the reasons why individuals initially invest in cryptocurrencies, such as a desire to challenge traditional financial institutions or the pursuit of quick wealth.

As a crypto investor looking back at a study conducted in 2022, I’d acknowledge that there are some constraints to consider. For instance, the political landscape in the U.S. has evolved significantly since then, with Donald Trump increasingly advocating for cryptocurrencies. However, based on the data available at the time of the research, it was apparent that being an investor in crypto doesn’t automatically make one a Republican.

On average, individuals who buy cryptocurrencies exhibit a diverse range of political views, demographics, and inclinations. Contrary to previous assertions, cryptocurrencies are not solely associated with the financial ideologies of the far-right population.

This study’s attention-grabbing findings are important to emphasize, but they only provide a shallow insight into the global reasons for cryptocurrency ownership.

As an analyst, I’ve observed that the motivations behind cryptocurrency investment vary greatly among individuals from Latin America and beyond. Some seek safety from hyperinflationary currencies, others protect their wealth amid global conflicts, while some aim for more affordable and equitable cross-border transactions. The nuances of these investment goals make it challenging to categorize investors neatly. For instance, an investor who holds a modest long-term allocation in Bitcoin is fundamentally different from someone actively trading memecoins based on popular trends.

Despite the shared enthusiasm for aspects like freedom, financial inclusion, and privacy, the crypto community is a diverse group with numerous disputes, variations, and nuances.

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2024-07-09 21:12