Have you ever wondered what drives the fervent enthusiasm of cryptocurrency enthusiasts, often dubbed ‘crypto bros’? A recent study embarked on by political scientists from the University of Toronto and the University of Miami delves into this very question, exploring the commonalities in personality among those deeply invested in the digital currency space. The findings of this research might be expected—or perhaps not—depending on your view of the crypto community.
The term ‘crypto bro’ often conjures up a specific image and stirs up particular sentiments, generally not very flattering. Described by some as obnoxious or overbearing, these cryptocurrency enthusiasts have sparked both curiosity and disdain. The question thus arises: does the stereotype hold any truth, or is it just a misconception? This study aimed to confirm or debunk the public’s perception.
Unfortunately for crypto advocates, the study’s conclusions weren’t entirely in their favor. The research team surveyed 2,000 U.S. adults, with 30 percent self-identifying as cryptocurrency investors. The results indicated that those involved in cryptocurrency are statistically more likely to exhibit what psychologists call the ‘Dark Tetrad’ personality traits: narcissism, Machiavellianism, psychopathy, and sadism. Furthermore, these individuals tend to distrust mainstream media, endorse conspiracy theories, and show support for political extremist groups.
Considering one of crypto’s biggest selling points is its independence from traditional financial institutions and lack of governmental oversight, it’s perhaps less surprising that those disillusioned with conventional news and authorities are drawn to it. The study’s authors suggest that the very foundation of cryptocurrency is built on a significant mistrust of established financial systems and regulatory bodies.
“The motivation behind the development of cryptocurrency was rooted in a strong distrust for mainstream, traditional currencies and financial institutions,” the researchers commented. “A distrust of institutions and mainstream authorities is also strongly associated with characteristics such as conspiracy thinking, low levels of analytic and scientific reasoning, anti-science attitudes, the ‘need for chaos,’ and non-mainstream political orientations.”
With hundreds of millions around the globe investing in cryptocurrencies, these findings certainly provide intriguing insights into the type of personality that might be attracted to this form of investment.
However, the research team also cautions against overgeneralizing their findings. With such a vast number of individuals engaged in cryptocurrency, it’s impractical and inaccurate to paint all crypto users with the same brush.
“Our results certainly do not apply to every crypto user out there,” the authors noted. “There is still much to be explored in this sphere, and we hope our preliminary findings will pave the way for future studies aimed at unraveling the psychological, political, and behavioral drivers behind the burgeoning cryptocurrency movement.”