The global market for cryptocurrencies has grown from nothing to a value of over US$2 trillion since the invention of Bitcoin. The price of the digital currency rose to an all-time high of more than US$63,000 in April 2021.
Large fluctuations in the price of cryptocurrencies make them a highly speculative investment. What kind of people are willing to risk their lives?
We did a survey to find out. In particular, we wanted to know about the relationship between the personality traits and attitudes of the so-called dark tetrad.
A group of four personality traits are referred to as the dark tetrad in psychology. Machiavellianism, narcissism, and psychopathy are included in the dark triad.
They are called dark because of their evil qualities: selfishness and taking advantage of others. Risk-taking behaviors are related to the dark tetrad.
There are two main areas of appeal. The kind of people who like gambling are attracted to the high risks and potential returns of the trading.
Cryptocurrencies are not backed by governments like traditional orfiat currencies. People who distrust government are attracted to them.
566 people were asked to complete online personality surveys as well as answer questions about their attitudes tocryptocurrencies and whether or not they planned to invest in it. Sixty-four percent of our participants showed interest in investing incryptocurrencies.
We measured their dark characteristics using psychological tests. Fear of missing out, positive attitude, and belief in conspiracy theories were measured to see if they connected the dark tetrad to judgements about crypto.
The hope of earning high returns is one of the reasons why people invest incryptocurrencies. The desire to build wealth is not the only reason for dark personality traits.
Machiavellianism is named after the Italian political philosophy of Niccol. People who rate highly on this trait are good at deception.
Machiavellians take a calculated approach to achieving their goals. They're less likely to engage in problem gambling.
Machiavellians believe strongly in government conspiracies. They think politicians don't reveal their true motives, and that government agencies watch all citizens.
Machiavellians distrust politicians and government agencies. Many people believe that governments are corrupt.
It is a personality trait characterized by feelings of privilege and predominance over others. People who are over confident are more willing to gamble and make risky investments in the stock market.
The positive side of life is the focus of a lot of people. Because of their faith in the future and their confidence, we found a lot of narcissists, like crypto.
Psychopathy is an impulsive personality trait. A lack of emotional intelligence and empathy is one of the reasons thatopathic people find it hard to understand emotions.
Psychopaths are more resistant to stress and anxiety because of their reckless nature. Psychopaths like risk-taking and stimulation-seeking. They are prone to gambling.
We found that impulsive psychopaths are afraid of missing out on the rewards that other people are getting.
A personality enjoying another person's suffering is related to everyday sadism. Sadists are often cruel. Sadists troll others on the Internet.
At first glance, it's unlikely to harm others. We found sadists like the one in the picture, like the one in the picture, like the one in picture, like the one in picture, like the one in picture, like the one in picture, like the one in picture, like the one in picture, like the one in They think that both the pleasure from seeing another's pain and the fear of missing out are related to selfishness.
Both psychopaths and sadists don't have positive vibes about their prospects, which makes them less fond of crypto.
The Conversation/Wes Mountain, CC BY-ND.
Positive vibes, conspiracy beliefs, and fear of missing out are all influenced by dark personality traits.
Through the psychological lens of the dark tetrad, it is possible to understand why people want to buycryptocurrencies. We are not suggesting that everyone is interested in the dark side of the coin.
We only studied a small group of people who have these characteristics. You may or may not exhibit them if you happen to be a holder ofCryptocurrencies.
If you want to know how you score on personality tests, you can do them online.
Di Wang is a senior lecturer at the University of Technology, while Jun Yao is a senior lecturer at the university.
This article is free to use under a Creative Commons license. The original article is worth a read.
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