Experts report the emergence of crypto addiction among investors and traders

Psychiatrists compare this type of addiction to workaholism, alcoholism, and gambling addiction

20.07.2022 - 07:30

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2 min

What’s new? Psychotherapists, psychologists, and rehabilitation center specialists are increasingly reporting a new type of addiction, characteristic of traders, miners, and investors. In question is crypto addiction, which is often no different from cravings for alcohol or drugs, Izvestia writes.

News on the Izvestia website

What is the cause of the emergence of addiction? According to Tatyana Meteleva, the head of the rehabilitation center “Dvoynoy Diagnoz,” many patients initially had an addiction, usually to computer games, and cryptocurrency in this case becomes a new way to replace reality. For such people, trading on the crypto market triggers the mechanisms of excitement, euphoria from winning, or despair from losing.

Victoria Pashkovskaya, the head of the rehabilitation center “Nezavisimost”, believes that crypto addicts have a similar morbidity structure to alcoholics and workaholics. The understanding of this problem usually comes to people only with the emergence of debts or bankruptcy because, in comparison with most other types of addictions, the hobby is not perceived as dangerous. In this, they do not stay in therapy for long, communication with patients usually ends at the counseling phase or after several sessions.

Psychiatrist Leonardo Guevara believes that playing in the crypto market is like a lottery or sweepstakes. According to him, a person in such actions does not proceed from a sound estimation and professional knowledge, but from an impulsive desire to perform actions that will give a feeling of euphoria and excitement.

Inexperienced players’ operations in the crypto market often lead their deposits to go zero. For example, the recent rally in BTC and ETH led to the liquidation of $160 million in short positions, and investors lost a total of $399,45 million.

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