Do you know someone who wouldn’t stop bragging about how well his investments in cryptocurrency paid off? Or perhaps, you’re the crypto dude?
You wish you had friends that actually cared about crypto, and you try to talk to them about it and let them know about the awesome news coming to the market.
Even the news and social media can’t stop telling of its fortune. According to Forbes Crypto’s worldwide market capitalization was estimated at $US1.09 trillion as of August 2023 via CoinMarketCap.
But this surge in crypto and NFT popularity is not based solely on wealth builders, it is also believed to mirror the personality traits associated with the “dark tetrad.”
Sorry crypto lovers, narcissists, sociopaths, and sadists love it too.
What is The Dark Tetrad Personality?
For those who don’t know, the infamous “dark triad” is a psychological theory or a collection of three personality traits that describes three dark personality traits. These three personality types are: Narcissism, Machiavellianism, and Psychopathy. (Oh, and that includes sadism in the mix). The addition of sadism forms the “dark tetrad,” amplifying the hostile nature of traits like extreme selfishness and exploiting others without empathy.
Why Some With the “Dark Tetrad” Personality are Drawn to Crypto Investments
It is common knowledge that the rate of cryptocurrencies can change rapidly, and fluctuations can reach unprecedented proportions. What kind of people should be ready to invest in such an unpredictable area, and what motives drive them? A recent study conducted by a team of three authors tried to figure it out—Di Wang, Brett Martin, Jun Yao—They wanted to reveal the connection between the notorious “dark tetrad” and the world of cryptocurrencies.
A recent study from Science Alert delved into why individuals with the “dark tetrad personality traits are into crypto investing. The study, based on responses from over 500 participants who completed personality surveys and answered questions related to crypto investment attitudes, sheds light on the motivations behind these financial choices.
The deal with crypto—as the Co-authors and the brains behind the study, also shared in The Conversation—is it volatile nature
and wild price swings, making it a bit of a gamble.
Cryptocurrency prices swing a lot, making them super speculative. So, who’s up for the risk, and what’s driving them?
They pinpointed two main draws: the risk-loving gamblers are into the potential gains, and those skeptical of government backing find crypto appealing because, unlike traditional currencies, it’s not government-issued.
Meanwhile, machiavellians find crypto investments enticing due to their belief in government conspiracies: the decentralized nature of crypto, often lacking strict monitoring or regulation, fits their preferences.
Individuals with covert or subclinical narcissistic traits, Their grandiose confidence and fantasies, are drawn to the prospect of large profits and the lavish life they feel entitled to.
And as for nearly psychopathic individuals, their fear of missing out and obsession with money, power, is what drives them to bid up crypto-prices to record highs.
While investing in crypto may not initially seem linked to sadism, researchers Wang, Martin, and Yao found that sadists are drawn to crypto to avoid missing out on investment rewards too.
“At first glance, buying crypto is unlikely to harm others. However, we found sadists like crypto because they do not want to miss out on investment rewards either. To them, perhaps both the pleasure from seeing another’s pain and the fear of missing out are related to selfishness.”
The study emphasizes that not everyone investing in crypto possesses “dark tetrad” traits. However, for those who do, the appeal of cryptocurrency can be particularly strong, driven by both a desire for wealth and darker personality traits.
The research doesn’t label investing in cryptocurrencies as inherently “bad.” Instead, it seeks to understand why the digital economy appeals to some and not as much to others.
