Debunking the ‘Bitcoiners are Psychopaths’ Study
A recent study claims that people with certain negative personality traits, like psychopathy, narcissism, Machiavellianism, and sadism, are attracted to cryptocurrency. However, this study has been criticized for its weak results and questionable methods.
Study Overview
Researchers from Queensland University of Technology (QUT), who mainly have backgrounds in marketing and advertising, surveyed 566 people about their views on cryptocurrency. They then tried to link these views to the above personality traits.
Expert Criticism
Professor Martin Sellbom from the University of Otago, an expert in psychology, has criticized the study. He says the link between these personality traits and interest in cryptocurrency is very weak and almost meaningless.
Media Sensation
Despite the weak results, the study received a lot of attention from the media. Headlines like “Bitcoin fans are psychopaths who don't care about anyone” from the New York Post and “Impulsive psychopaths like crypto” from Salon exaggerated the findings.
Questionable Methods
The study used a test called the Short Dark Triad (SD-3) to measure the personality traits. According to the test results, participants scored slightly below average for psychopathy and narcissism but a bit above average for Machiavellianism.
Professor Sellbom pointed out that these tests do not fully capture the complexity of these personality traits. He also noted that the study did not compare participants' interest in cryptocurrency with their interest in other investments, like stocks or bonds.
Researchers’ Background
The study's authors, Brett Martin, Dr. Di Wang, Jun Yao, Carolyn Strong, and Polymeros Chrysochou, have expertise in marketing and advertising, not psychology. This raises doubts about their ability to study complex psychological traits.
Conclusion
The study’s claim that people interested in cryptocurrency have negative personality traits is weak and has been overhyped by the media. Psychological experts believe the findings are not reliable and should be taken with caution.