The Insidious Link Between Crypto & Addiction

Described as a hidden epidemic, how much do you know about the possibility of crypto addiction and the danger that it poses?

• The word “crypto” has become a buzzword in modern life. In recent years, investing in this decentralized digital money - which is based on blockchain technology - has become a popular strategy.
• Over the course of the pandemic, therapists witnessed a spike in the number of crypto-addiction cases; uncertainty and (perceived) missed opportunities led some to experiencing anxiety or depression.
• Psychologists view crypto-investing as analogous to gambling in the way it stimulates addiction. Crypto addicts often exhibit behaviors that reflect other forms of addiction - to alcohol or drugs. Crypto holds the promise of huge rewards, yet is also highly volatile; addiction is all about the highs and lows. However, on a wider, societal level crypto is not perceived to be dangerous.
• Allegedly, there are now almost 220 million people who own some form of cryptocurrency. It has also been reported that 55% of Bitcoin investors have started in the past year.
• With such vast volumes entering the market, it can be assumed that the number of individuals facing mental health challenges will also continue to rise. Are we facing a crypto-addiction endemic?
• Research has shown that cryptocurrency is most popular amongst young adults. For this generation a gambling-like addiction to crypto could really set them back at a crucial time in their lives.
• Crypto transactions occur on blockchain which is decentralized and therefore makes it difficult to regulate. The lack of regulation is one factor that causes concern in relation to crypto-addiction.