Steve Hanke Calls Crypto Owners Psychopaths, Citing New Research

by

As a seasoned economist with over three decades of experience, I have seen my fair share of financial fads and trends come and go. However, the recent phenomenon of cryptocurrencies has left me both intrigued and somewhat perplexed. The latest research findings from the University of Toronto suggesting that crypto holders are more likely to exhibit psychopathic traits than the general population has piqued my interest, not only as an economist but also as a social scientist.

As an analyst, I find myself echoing the sentiments of Professor Steve H. Hanke, an eminent economist based at Johns Hopkins University in Baltimore. In a recent critique, he subtly questioned the analytical and scientific rigor exhibited by cryptocurrency holders, suggesting that their understanding may not align with the broader population’s.

The economist and prominent cryptocurrency critic cited recently published Canadian research as he called crypto investors psychopaths.

Crypto owners are psychopaths, research finds; Hanke agrees

In public, Hanke concurred with the findings of researchers, but privately shared a link directing to the research conducted by the University of Toronto.

Hanke provided a brief overview of their findings, which suggest that people who own cryptocurrency tend to demonstrate less analytical and scientific reasoning, and show higher likelihoods of exhibiting traits associated with psychopathy when compared to the average population.

The University of Toronto’s study indicates that people who own cryptocurrencies tend to show reduced levels of logical, analytical, and scientific reasoning, and they may have a higher likelihood of exhibiting traits associated with psychopathy compared to the average population.

— Steve Hanke (@steve_hanke) August 26, 2024

The initial part of the report delves into explaining what cryptocurrency is – essentially, it’s a digitally-secured asset used widely as a method of exchange and investment, known for its anonymous transactions, unregulated markets, and price volatility. Given the burgeoning interest in crypto assets among traders and the broader community, along with its significant impact on financial markets and monetary policy, researchers have chosen to explore the political, emotional, and social traits of individuals who invest heavily in cryptocurrencies and hold them for extended periods.

Two years ago, researchers conducted a survey involving over 2,000 U.S. adults to explore potential connections between cryptocurrency ownership and individual-level political views, psychological traits, and social backgrounds.

As a researcher delving into the realm of cryptocurrencies, I’ve uncovered an intriguing correlation. It appears that individuals who hold cryptocurrencies tend to lean towards belief in conspiracy theories. Furthermore, these individuals exhibit traits associated with what is often termed as the “Dark Tetrad” – a set of personality characteristics including narcissism, Machiavellianism, psychopathy, and sadism.

Dogecoin founder stands against this research

Around early July, one of the creators of the well-known meme cryptocurrency Dogecoin, Billy Markus (often referred to as Shibetoshi Nakamoto on the X platform), expressed his disagreement with an article published by The Independent, which discussed some related research. Specifically, Markus voiced his criticism towards this particular research.

In addition to the “Dark Tetrad” traits Markus noted in crypto investors, he highlighted another key finding from the report: Crypto owners tend to distrust traditional media and lean towards alternative news outlets. Instead, they often rely on fringe social media sources for their news. This factor, as per The Independent, is the most reliable indicator of whether someone owns cryptocurrencies or not.

Read More

2024-08-27 14:36