Cryptocurrency, which has exploded in popularity in recent years, is digital ‘money’ which lies beyond the control of central banks and governments.
The global market is worth about £1.3 trillion and around five million adults in the UK have invested.
But now a study suggests that those who own online currency – such as Bitcoin – are more likely to have ‘Dark Tetrad‘ (a set of interrelated negative personality features: narcissism, psychopathy, Machiavellianism, and sadism) personality traits.
Investors are also more likely to be men, rely on fringe social media sources, believe in conspiracy theories and feel victimised, the research revealed.
The survey of 2,001 Americans, published in the journal Plos One, was carried out in 2022 and showed that 30 per cent said they owned or had owned crypto.
Analysis revealed crypto ownership was linked to narcissism, psychopathy, sadism and Machiavellianism – a trait characterized by manipulativeness, deceitfulness and high levels of self-interest.
The researchers said: ‘Though our results certainly do not apply to every crypto user out there, on average, we found that crypto investment and ownership tends to appeal to people who are more argumentative, anti-authoritarian, and prefer to get their news from non-mainstream social media sites.
‘There is still much work to be done in this area, but we hope our study helps lay the groundwork for future research aimed at understanding the psychological, political, and behavioural factors associated with this growing financial movement.’
Experts have raised concerns about compulsive gambling using cryptocurrencies.
Last month, doctors warned that growing numbers of young men are requiring NHS treatment after becoming addicted to trading bitcoin, with the health service calling for action against ‘unregulated cryptocurrency sites’.
Amanda Pritchard, the chief executive of NHS England, warned that specialist NHS gambling clinics were being left to ‘pick up the pieces’ after patients become hooked.
Crypto investors have also been at the centre of a number of scandals. They include the conviction of Sam Bankman-Fried, the former boss of the FTX cryptocurrency exchange, who was sentenced to 25 years in a US prison for multibillion fraud.
The study was carried out by a team from the University of Toronto.
Written by Xantha Leatham for The Daily Mail ~ July 4, 2024
