Crypto Investors Linked to ‘Dark’ Traits, Conspiracy Beliefs, Study Shows

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

July 4, 2024

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Owning crypto may be linked to “dark” personality traits like narcissism, Machiavellianism, psychopathy, and sadism, according to a recent study by academics.

Shane Littrell, Casey Klofstad and Joseph E. Uscinski’s study also suggested a link between crypto investment and certain demographics.

Conducted by the researchers with political science backgrounds, the study found that investors in this area tend to be male and drawn to alternative social media platforms. They may also hold conspiracy beliefs and feel like the system has mistreated them.

Study Links Crypto Ownership Traits With Social Distrust

The University of Miami-approved study surveyed over 2,000 American adults to understand crypto ownership. Roughly a third admitted to currently owning or having owned crypto before.

Researchers looked at demographics, political views, personality traits, and social media habits to identify factors influencing cryptocurrency investment.

It delves deeper, revealing that these investors often have slightly higher incomes. They share a sense of being dealt a bad hand in life and distrust traditional news sources. Instead, they rely on platforms like Telegram, YouTube, Reddit, Twitter, and blogs for their news on politics, current events, and social issues.

It also revealed that these investors often engage in heated discussions and dislike centralized control. They value open debate and resist being told what to do.

Crypto Investors Don’t Fit Left-Right Mold

These findings suggest there are many directions for future research into the individuals who buy and trade cryptocurrencies, reflecting broader global trends in anti-establishment attitudes and unconventional behaviors.

Further, the study also highlighted that crypto ownership has been linked to behaviors like problem gambling. However, its associations with other potentially negative tendencies such as impulsiveness, paranoia, and various forms of aggression are currently unknown.

The study linked cryptocurrency ownership with a higher likelihood of supporting extremist groups and aligning with populist ideas.

Additionally, crypto owners showed diverse political identities that don’t fit simple left or right categories. This discovery challenges previous notions that cryptocurrencies are exclusively associated with far-right beliefs.