Dark personalities and Bitcoin®: The influence of the Dark Tetrad on cryptocurrency attitude and buying intention

Abstract

Markets for cryptocurrencies such as Bitcoin have experienced tremendous growth. Yet little research has examined why people want to buy cryptocurrencies that are risky investments. The present research studies a subset of people interested in cryptocurrencies. Specifically, we examine the effect of Dark Tetrad traits (Machiavellianism, subclinical narcissism, subclinical psychopathy, and subclinical sadism) on a person's crypto attitude and buying intention. The following mediators were examined as reasons for people buying crypto: (1) conspiracy beliefs (e.g., distrust of government), (2) positivity and (3) fear of missing out (FoMO). Importantly, we are not suggesting all crypto buyers exhibit Dark Tetrad traits. Based on a pre-registered survey of the main research question rather than hypotheses (N = 566), it was found that narcissism was positively associated with crypto attitude which was mediated by positivity. Machiavellianism was associated with buying intention which was mediated by conspiracy beliefs. Machiavellians were more distrustful of government which was associated with a greater desire to buy crypto. Psychopathy affected crypto judgments through FoMO and a negative effect on positivity. Sadism is associated with FoMO and a lack of positivity which affects crypto judgments.