Cryptocurrency is of particular interest to people with pronounced qualities of the «dark tetrad» — Machiavellianism, narcissism, psychopathy and sadism. These unpleasant traits combine selfishness, lack of empathy and the desire to prevail over others at any cost.
Researchers from the Queensland University of Technology (Australia), whose article in the journal Personality and Individual Differences, they decided to find out how cryptocurrency attracts people whose personalities strongly manifest the features of the so-called “dark tetrad” of personal qualities.
Scientists have suggested that the high risks and potentially high returns associated with cryptocurrencies may attract people who love gambling. In addition, since cryptocurrencies are not associated with the state, it may appeal to those people who, in principle, do not trust any authorities.
The researchers analyzed data from a series of online surveys that included 566 people. They were asked about their attitude towards cryptocurrency, as well as whether they plan to invest in it. 26% of participants reported that they are the owners of cryptocurrency, and 64% admitted that they are interested in buying bitcoins.
All participants underwent standard psychological testing for the degree of manifestation of the qualities of the “dark tetrad” in their personality.
In addition, they were tested for traits that could potentially influence their attitude towards cryptocurrency — FOMO (fear of missing out — fear of missing out, that is, the feeling that interesting, important events are happening in the lives of other people in which you are not involved) , positivity (the tendency to look optimistically at life’s collisions) and belief in conspiracy theories.
As a result, scientists came to the conclusion that in addition to the desire to quickly get rich, people who buy cryptocurrency are also driven by personal qualities from the “dark tetrad”. For example, people who score high on the Machiavellian scale love to deceive and manipulate others to their advantage. They are cynical, prudent, not prone to impulsive decisions and do not trust politicians and officials. It is the desire to have nothing to do with the state that makes the Machiavellians turn their attention to cryptocurrency.
Narcissism is characterized by narcissism, egocentrism, and inflated self-esteem. Narcissists are usually incredibly confident and therefore prone to risky investments and gambling. At the same time, they prefer to focus on the positive side of life, believe in their brilliant future and that nothing bad can happen to them. This unshakable self-confidence is what drives narcissists to take risks and buy cryptocurrency, the researchers say.
People with a high level of psychopathy are characterized by callousness, low emotional intelligence and a lack of empathy.
Psychopaths typically have lower emotional responses, making them resistant to stress and anxiety, which is why they like to take risks and gamble. In addition, psychopaths are impulsive, and this quality, combined with a propensity for risky behavior, leads them to buy bitcoins. They are afraid of missing out on the benefits that others might get.
As for sadism, that is, the tendency to enjoy the suffering of other people, then, at first glance, the purchase of cryptocurrency has nothing to do with such manifestations. However, as the researchers found, sadists also like to invest in bitcoins, because, like psychopaths, they do not want to miss out on the potential benefit. For them, both the pleasure of someone else’s pain and FOMO are associated with a sense of superiority over others. At the same time, both psychopaths and sadists, unlike narcissists, have no illusions about their prospects, which is reflected in their passion for cryptocurrency.
At the same time, as the researchers emphasize, if you are interested in bitcoins, this does not mean at all that traits from the “dark tetrad” are clearly manifested in your personality.
Brett A.S.Martin, Polymeros Chrysochou, Carolyn Strong, Di Wang, Jun Yao «Dark personalities and Bitcoin®: The influence of the Dark Tetrad on cryptocurrency attitude and buying intention». Personality and Individual Differences, April 2022.