Exploring the Political, Psychological, and Social Characteristics of Cryptocurrency Owners: A Study from PLoS ONE

The Rise of Cryptocurrency: A Deep Dive into the Minds of Crypto Owners

In a groundbreaking study published in the journal PLoS ONE, researchers have delved into the political, psychological, and social characteristics of individuals who buy and trade cryptocurrencies. Cryptocurrency, a digital currency secured by cryptography, has been a hot topic in recent years, with its decentralized nature posing challenges for governments and regulatory bodies worldwide.

The study, which included a sample of 2,001 American adults, revealed some fascinating insights into the world of cryptocurrency ownership. Surprisingly, about 30% of the study population reported being involved in cryptocurrency, translating to approximately 77 million Americans participating in this form of digital exchange and investment.

Cryptocurrency ownership was found to be significantly associated with younger males with higher educational backgrounds, financial status, and religious beliefs. Additionally, individuals of Black and Hispanic ethnicity also showed a weak positive association with cryptocurrency ownership.

One of the most intriguing findings of the study was the strong positive associations of cryptocurrency ownership with conspiracism-related factors, including conspiracy theories and conspiratorial thinking. Furthermore, cryptocurrency owners exhibited a wide range of political ideologies, making it challenging to categorize their political views accurately.

The study also revealed that cryptocurrency owners were more likely to exhibit ‘dark’ personality behaviors, such as narcissism, psychopathy, sadism, and Machiavellianism. They were also frequent users of alternative and fringe social media platforms, with platforms like Telegram, YouTube, Reddit, Twitter, and blogs being strong predictors of cryptocurrency ownership.

The implications of this study are significant, as it sheds light on the nonnormative and maladaptive characteristics of cryptocurrency owners. With governments looking to tighten regulations on cryptocurrencies, understanding the factors that attract people to own cryptocurrency is crucial.

Future research is needed to delve deeper into the differences in personal characteristics between different types of cryptocurrency ownership and how these characteristics evolve over time as cryptocurrency becomes more accepted in society. The study opens up a new avenue for exploration into the minds of cryptocurrency owners and the implications of their behaviors on society as a whole.

Reference: Littrell, S., Klofstad, C., & Uscinski, J. E. (2024). The political, psychological, and social correlates of cryptocurrency ownership. PLoS ONE. doi:10.1371/journal.pone.0305178.