New study says Bitcoin fans are often psychopaths, narcissists or sadists

    Over 500 individuals who were interested in or owned cryptocurrencies were polled for the study. They exhibit harmful behavior patterns, according to the authors.

    Those who have lately arrived, on the other hand, need not be concerned.

    Bitcoin is seen as the future of money transfer by enthusiasts. The value of cryptocurrencies has risen at an unprecedented rate in recent years.

    A bitcoin is currently worth more than $40,421. Early adopters of digital money have become extremely wealthy.

    However, a new study from Australia shows that digital money attracts a disproportionately large number of people who engage in harmful activity.

    In the journal Personality and Individual Differences, researchers from the Queensland University of Technology recently published the findings of a study with 566 participants. These were persons who either owned the cryptocurrency or stated that they were interested in it. They exhibited unusually common behaviors such as narcissism or even sadism, according to the study.

    All clear for owners

    In the study, the researchers discovered a buildup of problematic behavior patterns in the answers supplied by the individuals in questionnaires and interviews, which are known in psychology as the “dark tetrad.”  

    Narcissism, psychopathy, and sadism are examples.

    The authors wrote: “Dark tetrad traits are ‘dark’ because of their ‘evil’ qualities: Extreme selfishness and taking advantage of others without empathy.

    “The dark tetrad are also often related to risk-taking behaviours.”

    Bitcoin’s independence from banks and governments is another factor contributing to the correlation between these personality traits and a passion for digital currency.

    Additionally, “Machiavellianism” – named after Nicolo Machiavelli, a great political strategist – is also at work. This refers to persons who have a strong desire for power.

    Many of those polled have a favourable view toward cryptocurrencies like Bitcoin, according to the study’s authors, since they are critical of banks and the government.

    They would, however, be driven to darker impulses, such as the pleasure of seeing others miss out on winnings. Psychopaths and sadists would be drawn to the currency because the frequent rate fluctuations would cause adrenaline rushes. 

    The team, however, points out that they only looked at a small portion of the global crypto community.

    “If you happen to be a Bitcoin or other crypto holder, you may or may not exhibit them,” they concluded.

    Image Credit: Getty

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