By Dr. Sanchari Sinha Dutta, Ph.D.Reviewed by Benedette Cuffari, M.Sc.Jul 7 2024 In a recent study published in the journal PLoS ONE, scientists examine the political, psychological, and social characteristics of individuals who buy and trade cryptocurrencies.
Cryptocurrency relies on blockchain technology to record all transactions, keeping these exchanges anonymous. However, its anonymity and irreversible nature pose significant security risks, as exchanges and wallets are easy targets for criminals participating in financial scams and terrorist attacks.
Important observations About 30% of the study population reported being involved in cryptocurrency, which translates to about 77 million Americans participating in this form of digital exchange and investment. Cryptocurrency ownership was significantly associated with younger males with a higher educational background, financial status, and religious beliefs. A weak positive association was also observed with individuals of Black and Hispanic ethnicity.
Related StoriesA positive association of cryptocurrency ownership was observed with involvement in normative political activities such as volunteering during elections, attending political meetings and protests, engaging in civil disobedience, and contacting elected officials.
The researchers also performed a multivariate analysis that considered all relevant variables representing demographics, thinking styles and intellectual attitudes, personality characteristics, and media environments. This analysis revealed that male gender, higher reliance on alternative and fringe social media platforms, argumentativeness, and aversion to authoritarianism were the strongest predictors of cryptocurrency ownership.