Cryptocurrencies have experienced tremendous growth in recent years, attracting millions of investors from around the world. Along with this growth, numerous studies have emerged attempting to link the behavior of cryptocurrency investors with certain psychological traits. Among the most prominent of these studies are those that associate cryptocurrency owners with what is known as dark personality traits. In this article, we will explore these studies in detail and attempt to understand the relationship between investing in cryptocurrencies and these traits.
Does Cryptocurrency Turn People Into Monsters?
A recent study conducted by the Universities of Toronto and Miami revealed a connection between cryptocurrency ownership and certain dark personality traits. The findings showed that owners of digital assets are more likely to exhibit traits such as narcissism, Machiavellianism, psychopathy, and sadism.
The study included 2,001 American adults, with about 30% reporting that they currently or previously owned cryptocurrencies. In addition to the dark traits, these individuals scored higher on measures of a need for chaos, paranoia, schizotypy, dogmatism, a victim mentality, and psychological reactance.
The researchers also noted that cryptocurrency owners were more inclined to believe in conspiracy theories, support extremist groups, and adopt populist sentiments.
Despite these controversial findings, some experts in the cryptocurrency field commented that these traits might be a "feature, not a flaw," noting that investing in this sector requires a certain level of "craziness" to withstand the sharp price fluctuations.
What Are Dark Psychological Traits?
Dark psychological traits are a set of personality characteristics marked by aggression, narcissism, Machiavellianism, and psychopathy. These traits may drive individuals to act unethically or opportunistically to achieve their personal goals.
The Connection Between Cryptocurrency Owners and Dark Psychological Traits
Some studies suggest a positive correlation between cryptocurrency owners and dark psychological traits. These studies are based on several factors:
- High Risk Tolerance: One of the fundamental traits of cryptocurrency owners is a high tolerance for risk, as they are exposed to extreme price volatility. This trait may be linked to aggression and a willingness to accept consequences.
- Pursuit of Quick Gains: Many cryptocurrency investors tend to seek quick profits, which may lead them to make risky investment decisions. This trait could be associated with narcissism and a strong desire for self-achievement.
- Willingness to Manipulate: The eagerness to earn profits may drive some investors to manipulate markets or spread misinformation, behaviors associated with Machiavellianism and psychopathy.
- Ignorance of Risks: Some cryptocurrency investors may lack sufficient knowledge of the risks involved in this type of investment, leading them to make poorly informed decisions.
Despite these studies, there are several criticisms directed at it:
- Samples used: The majority of studies rely on small, unrepresentative samples, which reduces the accuracy of the results.
- Correlation does not mean causation: There may be other factors that affect both cryptocurrency investment and dark psychological traits, such as educational level and income.
- Generalization: The results of these studies cannot be generalized to all cryptocurrency owners, as there are many responsible investors who make informed investment decisions.
Other reasons to attract investment in cryptocurrencies
There are many other reasons why individuals invest in cryptocurrencies, other than dark psychological qualities:
- The desire for financial independence: Some consider cryptocurrencies to be a way to achieve financial independence and escape from the traditional financial system.
- Belief in technology: Some believe that the technology underpinning cryptocurrencies will change the world, prompting them to invest in it.
- Social impact: The decision to invest in cryptocurrencies may be influenced by social impact, as individuals tend to imitate their friends or family members.
While some studies suggest a relationship between cryptocurrency owners and dark psychological traits, this relationship is not simple or conclusive. There are many other factors that influence the decision to invest in cryptocurrencies. It is important to realize that these studies should be taken with caution, and that their results should not be circulated to all investors.
