Crypto
Cryptocurrency investors linked to dark personality traits
The world of cryptocurrency holds fascination for many, a perplexing enigma for some, and an alternative investment strategy for others. But, is there more to this digital currency than meets the eye?
A recent study dives into the intricate mesh of politics, psychology, and social traits that appear to define cryptocurrency enthusiasts.
In the whirlwind digital landscape, this study provides a beacon for understanding the diverse characteristics of crypto owners.
The enigma of cryptocurrency
Launched into the annals of the finance world, the cryptocurrency market, with its hallmark features of anonymous trading and unregulated markets, gained swift momentum.
Despite a reputation of financial unpredictability in some circles, it boasts hundreds of millions of worldwide investors who beg to differ.
The said study sets out to demystify the crypto enthusiasts’ cluster, seeking to differentiate them from non-crypto investors based on certain political, psychological, and social traits.
Past research with narrower sample sizes hinted at these investors treading the paths less traveled – psychologically non-normative and politically non-mainstream.
Defining the cryptocurrency aficionado
In a significant leap from previous studies, an extensive survey involving 2,001 American adults was conducted in 2022.
Approximately 30% of these respondents were current or former crypto owners. They self-reported demographic details and other responses that painted a vivid picture of their political leanings, psychological nuances, and social traits.
A detailed statistical analysis ensued, encompassing bivariate (two-variable) correlational analyses and a multivariate (multi-variable) regression analysis.
This helped measure the strength of association between crypto ownership and other individual variables, ultimately leading to the identification of variables critical in predicting cryptocurrency ownership.
The psychology of the crypto investor
The analysis revealed intriguing associations. Cryptocurrency ownership correlated with a belief in conspiracy theories, support for political extremism, and affiliation to non-left-right political orientations (such as Christian nationalism).
Crypto investors were also more likely to self-report the “Dark Tetrad” of personality traits: narcissism, Machiavellianism, psychopathy, and sadism.
A broader, more holistic analysis pinpointed the qualities that are most likely to predict crypto ownership. The strongest association was found with reliance on fringe social media sources for news.
Other associated traits included masculinity, argumentativeness, higher income, and a heightened sense of victimhood.
Interestingly, political orientations and identities reported by crypto owners spanned a wide spectrum from left to right.
Caveats and the way forward
The researchers, hailing from the University of Toronto, Canada, and the University of Miami, USA, caution against broad generalizations.
The results are inevitably restricted by the sample characteristics and self-reported data, eschewing any causal interpretations.
The conspicuous association between social media and crypto ownership warrants further examination into the specific media and rhetoric’s impact on crypto ownership.
“Though our results certainly do not apply to every crypto user out there, on average, we found that crypto investment and ownership tends to appeal to people who are more argumentative, anti-authoritarian, and prefer to get their news from non-mainstream social media sites,” noted the researchers.
Cryptocurrency and traditional financial systems
As cryptocurrency continues to grow in popularity and significance, its impact on traditional financial systems cannot be overlooked.
Financial institutions, once skeptical of digital currencies, are now exploring ways to integrate blockchain technology and digital assets into their operations. This shift is driven by the increasing demand for more transparent, efficient, and secure financial transactions.
Regulatory challenges and innovations
The rise of cryptocurrency also presents significant regulatory challenges. Governments worldwide are grappling with how to effectively monitor and control this new financial frontier.
Balancing the need for regulation to prevent illicit activities while fostering innovation remains a delicate task.
In response, some countries are developing frameworks to regulate cryptocurrency exchanges and Initial Coin Offerings (ICOs), aiming to protect investors while encouraging technological advancements.
Future of cryptocurrency and traditional finance
The future relationship between cryptocurrency and traditional finance is still unfolding. While some predict a harmonious integration, others foresee ongoing tensions as traditional systems adapt to the disruptive potential of digital currencies.
Regardless of the outcome, it is clear that cryptocurrency is reshaping the financial landscape, challenging long-held notions of money, value, and economic power.
The study is published in the journal PLoS ONE.
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Crypto
Connecticut Detectives Recover Over $42K in Cryptocurrency After Major Theft
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Norwich, CT – Connecticut State Police successfully returned over $42,000 in stolen cryptocurrency after a months-long investigation.
In March, Norwich police reported that $159,712.26 worth of Bitcoin and Ethereum had been illegally removed from a cold storage wallet. Connecticut detectives traced the stolen assets to two exchanges. They issued search warrants, leading to the freezing of stolen cryptocurrency.
According to Connecticut State Police, detectives returned 0.28993293 Bitcoin (BTC) and 24,051.40 USDT to the victim on October 1, with a total value of $42,129.95. Investigators received support from the New London Superior Court, which granted search warrants to seize the assets.
State police reminded residents to strengthen online security for cryptocurrency. Key tips included using two-factor authentication (2FA), keeping private keys secure, and avoiding phishing scams.
Crypto
Hong Kong firm HKVAX gets approval to run city’s third cryptocurrency exchange
With its expertise in security token offerings (STO) and real-world asset (RWA) tokenisation, HKVAX aims to offer over-the-counter trading, exchange and custody services, the company said in a statement published on Friday.
The licence “demonstrates Hong Kong’s resolve to lead in the virtual-asset industry”, while HKVAX aims to establish the city as “the STO and RWA centre for Asia and beyond”, co-founder and chief executive Anthony Ng said in the statement.
The company’s trading platform and onboarding system are still “undergoing final preparations”, the company said in a notice on its website.
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