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With the crypto's chaotic volatility, ubiquitous shady industry behaviour, and generally whacky principals, have you ever questioned your own mental stability as a participant in this wild industry? Well, it turns out, you might be a psychopath.
A recent study by the University of Toronto and the University of Miami has found that personality traits such as narcissism and psychopathy were more commonly observed among cryptocurrency owners.
The study, which surveyed 2,001 American adults, stated, "Crypto ownership was associated with belief in conspiracy theories, “dark” personality characteristics (e.g., the “Dark Tetrad” of narcissism, Machiavellianism, psychopathy, and sadism), and more frequent use of alternative and fringe social media platforms."
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“When examining a more comprehensive multivariate model, 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,” it added.
Steve H. Hanke, a renowned US economist and professor of applied economics at Johns Hopkins University, took to X to conclude that "crypto holders display lower levels of analytic and scientific thinking and are likelier to exhibit psychopathy than the general population," while citing the paper.
RESEARCH FINDS: CRYPTO OWNERS = PSYCHOPATHS.
— Steve Hanke (@steve_hanke) August 26, 2024
Univ. of Toronto researchers found that crypto holders display lower levels of analytic and scientific thinking and are likelier to exhibit psychopathy than the general population.https://t.co/c2hZTruKoT
However, the University of Toronto has refuted the conclusion, stating that Hawke's statement “aggressively misrepresents our paper's results.”
"Sad to see a supposed scholar spread rage-baiting misinformation about legitimate scientific research," Shane Littrell, who wrote the paper said on X.
This person claims to be an academic but is aggressively misrepresenting our paper's results to his over 700K followers. Sad to see a supposed scholar spread rage-baiting misinformation about legitimate scientific research. https://t.co/pMVs9wUxR8
— Shane Littrell, PhD 🧠 (@MetacogniShane) August 27, 2024
Argumentativiness, aversion to authoritarianism, and anti-establishment allure were also traits found among crypto holders, which makes sense considering the fight for decentralisation across the industry.
Narcissism, schizotypy, and paranoia are correlated traits with crypto investors too. However, the study stated, "Though cryptocurrency ownership has been linked to potentially harmful behavioural tendencies such as problem gambling, its associations with other arguably negative proclivities, such as impulsiveness, paranoia, and various forms of aggression, are currently unknown."
30.22% of respondents said they "wanted others to admire" them and 23.57% tended to seek prestige or status."
When it came to psychopathy, 15.80% of respondents said they tended to be "unconcerned with the morality of their actions," 14.55% said they tended to "lack remorse" and 16.25% said they tended to be "callous or insensitive."
46.95% also said they "know how to hurt someone with words alone," displaying a shocking level of sadism.
According to the Oxford English Dictionary, a psychopath is defined as a "mentally ill person who is highly irresponsible and antisocial and also violent or aggressive." The only question is, do you relate?
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