It Happened Again: Crypto Holders Are More Likely to Be Psychopaths, Study Finds

The old Twitter joke about laser-eyed Bitcoin maxis being “psychopaths” may be more than just a meme.

Yet another peer-reviewed study has found that crypto holders are more likely to exhibit “dark tetrad” personality characteristics than the general population, among other quirks.

Are Bitcoin Holders Really Psychos?

Published July 3, researchers from the University of Toronto and the University of Miami polled 2001 American adults in 2022 to assess the “political, psychological, and social correlates of cryptocurrency ownership.”

According to the abstract, roughly 30% of those polled owned some form of cryptocurrency. This group was more associated with “belief in conspiracy theories,” alongside dark tetrad characteristics including “narcissism, Machiavellianism, psychopathy, and sadism.”

“The variables that most strongly predict cryptocurrency ownership are being male, relying on alternative/fringe social media as one’s primary news source, argumentativeness, and an aversion to authoritarianism,” the study added.

The research paper went mostly unnoticed until it was shared online by Johns Hopkins Economics Professor Steve Hanke – a notorious Bitcoin critic – earlier this week. “Crypto holders display lower levels of analytic and scientific thinking and are likelier to exhibit psychopathy,” he told followers while sharing the study.

The study’s findings mimic those of scientists at Queensland University of Technology in 2022, which surveyed over 500 people and found that both psychopathy and sadism were associated with the experience of crypto FOMO.

The New York Post shared these findings in an article titled “Bitcoin fans are psychopaths who don’t care about anyone,” which went viral online and became a long-standing meme among Bitcoin holders.

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With another study backing the claim, some poked fun at the refreshed label. “Fortunately, I lost all of my bitcoin in a boating accident,” tweeted podcast host Zuby on Friday. “Wouldn’t want anybody to think I’m a psychopath.”

Crypto Owners Are Wealthy And Educated

The paper identified other personality attributes associated with Bitcoiners, including a “need for chaos,” dogmatism, victimhood mentality, and psychological reactance. They were also found more likely to value goals related to independent success and achievement rather than communal goals directed at helping others.

However, there were more positive findings for crypto owners as well.

“Cryptocurrency owners are largely more educated, have a higher income, and are more religious than those who have never owned cryptocurrency,” the study found.