2024-09-15 20:54:21
According to a study, cryptocurrency owners often exhibit narcissistic and paranoid personality traits. But how reliable are these results really?
Owners of digital assets such as Bitcoin or Ethereum are said to have a high level of “dark personality traits” and characteristics such as narcissism, paranoia, Machiavellianism and sadism. This is the conclusion of a study published in the journal “Plos One” by researchers from the University of Toronto and the University of Miami.
The results presented suggest that cryptocurrency ownership is often associated with maladaptive traits, that is, dysfunctional behavior caused by past experiences or psychological problems.
In addition, Bitcoin owners are said to be more likely to believe in conspiracy theories, share populist views, use alternative media platforms more frequently and support extremist groups. Are Bitcoin owners people with “dark personalities”?
The researchers had already surveyed 2,001 Americans in the study in the summer of 2022, including 900 women and 1,101 men, but only recently published the results. About one in three participants said they owned or had owned cryptocurrencies. The 600 cryptocurrency owners (almost 30 percent) differ significantly from the other respondents in terms of their personality traits.
According to the study, crypto owners tend to have higher scores on the need for chaos, paranoia and traits of schizotypal personality disorder. That is, they are strange, eccentric or odd, suffer from a lack of close friends or confidants and have pronounced social anxiety. In addition, there is often dogmatism, a rigid and uncritical adherence to views.
Victim mentality and psychological reactance are also mentioned in the study. Reactance is usually triggered by psychological pressure such as coercion or threats or the restriction of personal freedoms through bans or censorship.
Owners of cryptocurrencies tend to be young, male, educated and politically interested. They earn more money than the average. Crypto buyers have a tendency towards “white nationalism”. There are also tendencies towards the radical left spectrum.
In addition, according to the study, they are more likely to be classified as conspiracy theorists and reject authoritarian systems. They often use alternative media such as Telegram, Reddit, blogs and the news platform X to obtain information. They can speak convincingly and show interest in science.
There are numerous examples of “dark” personality traits in the traditional corporate world as well. However, this study is the first to establish a link between cryptocurrency owners and psychological traits.
However, previous research has already shown links between psychopathy and abusive management. A study published in 2014 in the psychology journal Elsevier showed a significant positive correlation between the psychopathic characteristics of supervisors and the reported psychological stress and job satisfaction of employees.
Tesla founder, X owner and SpaceX boss Elon Musk is also said to have narcissistic traits. His behavior and statements are often interpreted as typical of a “chauvinistic, masculine doer” who puts himself at the center. Musk’s ex-wife Justine Wilson describes him in her book as someone who “does what he wants and is ruthless about it.” She adds: “It’s Elon’s world, and the rest of us live in it too.”
Former employees describe Musk as “tyrannical”. He is said to have extremely high expectations of his employees and to show little understanding for personal circumstances. For example, he wrote to an employee who had missed a company event because of the birth of his child: “This is no excuse. I am extremely disappointed.”
Experts also say that Republican presidential candidate Donald Trump has a narcissistic personality structure. Narcissistic personality disorders, such as those attributed to cryptocurrency owners in the study, are an overestimation of one’s own abilities and an increased need for recognition. Those affected consider themselves superior, unique or special. Overestimating one’s own values and achievements often leads to underestimating the values and achievements of others.
Psychologist John Gartner from the Johns Hopkins University School of Medicine sees four key symptoms of “malignant narcissism” in Donald Trump. Other experts speak of a combination of narcissism, psychopathy and histrionic traits – that is, egocentric, dramatic-theatrical, manipulative and extraverted behavior.