Bitcoin Owners Aren't 'Psychopaths

Myth Busted: Bitcoin Owners Aren’t ‘Psychopaths’

Based on the study conducted by Di Domenico, they discovered that Bitcoins are particularly preferred by investors who are highly intelligent, emotionally stable, and curious. So, unlike what the general public may think of the Bitcoiners as just a reckless investor, the study finds that these people care for self- development, care for the relationship around them, and even their health more than riches. These were the thoughts Di Domenico shared on LinkedIn in which he noted that Bitcoiners do not seek status signalling, but important and significant aspects of life.

The study also shows the remarkable level of financial literacy among the investors in Bitcoins. According to the statistics provided by Di Domenico, both the Bitcoiners and the crypto enthusiasts have a higher financial literacy profile compared to the general population. This is well supported by other surveys according to the 2021 Bank of Canada survey where they noted that, most Canadian investors in cryptos had either low or high financial literacy with those having average financial literacy being the least likely to invest in cryptocurrencices.

Bitcoin Owners Aren't 'Psychopaths'

This new study is quite different from previous research where Bitcoiners were portrayed in an unfavorable way. For instance, a study that was carried out at the Queensland University of Technology, New York post revealed that Bitcoin investors are characterized by dark tetrad which includes narcissism, Machiavellianism, psychopathy, as well as sadism. But in that study, one of the authors admitted that the survey data collected focused on individuals who had these characteristics and engaged with crypto, meaning that the results were not generalizable to the entire Bitcoin population.

This study by Di Domenico followed methodological best practices, as it included a survey that sought to test over a dozen hypotheses while having more than 350 questions. The study was conducted specifically among customers of the Shakepay a Canadian crypto exchange platform which makes sample more relevant and focused. Although they are yet to be published, active discussions surrounding the research have already been initiated within the crypto space.

As for their intellectual and emotional traits, it is noteworthy that Bitcoin investors are characterized as highly growth-oriented. They care about people and their communities to shift the narrative of ‘greedy’ Bitcoin lovers away from reality. Di Domenico pointed out that this demographic is innovative and proactive when it comes to personal growth, thus discrediting the ‘reckless crypto bro’ stereotype.

When the study moves to the peer review and publication, Di Domenico and his colleagues are willing to come up with much more specific results. The preliminary data has already presented a much more honest picture of the typical Bitcoin trader, but the full report is alleged to go even further. This research proves to be valuable at this time as the attitude towards Bitcoin and other cryptocurrencies changes over time, due to shifting regulations and expanding use of this form of currency.

Disclaimer: The information provided by CryptopianNews is for educational and informational purposes only. It should not be considered financial or investment advice. Cryptocurrency markets are highly volatile and speculative, and investing in them carries inherent risks. Readers are advised to conduct their own research and consult with a qualified financial advisor before making any investment decisions.

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