Study Finds Personality Traits and Media Preferences Associated with Cryptocurrency Ownership

The study published in the open-access journal PLOS ONE sheds light on the personality and demographic characteristics of cryptocurrency investors. Researchers found that individuals who own or have owned cryptocurrency tend to be more argumentative, anti-authoritarian, and prefer to get their news from non-mainstream social media sites.

The study, conducted by Shane Littrell from the University of Toronto and colleagues from the University of Miami, surveyed 2,001 American adults in 2022, with about 30% of respondents reporting ownership of cryptocurrency. The research revealed that crypto ownership is associated with belief in conspiracy theories, support of political extremism, and identification with non-mainstream political orientations.

Furthermore, the study found that cryptocurrency investors exhibit traits from the “Dark Tetrad” of personality, including narcissism, Machiavellianism, psychopathy, and sadism. Other characteristics strongly associated with crypto ownership include a reliance on fringe social media sources for news, maleness, argumentativeness, higher income, and feelings of victimhood.

While the researchers acknowledge the limitations of their study, they hope that their findings will pave the way for future research into the psychological, political, and behavioral factors associated with cryptocurrency ownership. The study highlights the diverse political orientations and identities of crypto owners, indicating a mix of left and right leanings.

Overall, the study suggests that on average, crypto investment and ownership appeal to individuals who are more inclined towards non-mainstream sources of information and exhibit certain personality traits. Further research is needed to delve deeper into the influence of specific media or rhetoric on cryptocurrency ownership.