Steve Hanke Calls Crypto Owners Psychopaths, Citing New Research

Cover image via U.Today

Prominent US economist and professor of applied economics at the Johns Hopkins University in Baltimore, Steve H. Hanke, has criticized cryptocurrency holders' levels of analytical and scientific thinking compared to the general population.

Hanke cited recently published Canadian research in which crypto investors were labeled as psychopaths. He published a link to the University of Toronto's research.

Hanke summarized the conclusion: "[Cryptocurrency] holders display lower levels of analytic and scientific thinking and are likelier to exhibit psychopathy than the general population."

The report begins by defining cryptocurrency as "a digital asset secured by cryptography that has become a popular medium of exchange and investment known for its anonymous transactions, unregulated markets, and volatile prices."

Given the growing popularity of crypto assets and the "popular subculture of traders," researchers studied the political, psychological, and social characteristics of individuals who invest in cryptocurrencies and hold them for extended periods.

Two years ago, the researchers surveyed over 2,000 American adults to examine potential associations between crypto ownership and "individual level political, psychological, and social characteristics."

Their findings revealed that cryptocurrency holders are more likely to believe in conspiracy theories and possess "dark" personality traits known as the "Dark Tetrad": narcissism, Machiavellianism, psychopathy, and sadism.

Dogecoin founder Billy Markus criticized the research. While acknowledging the "Dark Tetrad" traits, he highlighted the report's finding that crypto holders mistrust legacy media and prefer alternative news platforms. According to Independent, this is the strongest predictor of whether individuals hold cryptocurrencies.