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How Cryptocurrencies can be addictive

In the last five years, cryptocurrency prices have fluctuated between record highs and lows. Psychologists and psychotherapists discovered that there is a new field of research emerging against this backdrop. Many crypto traders begin to display behaviors that look like various addictions, such as gambling and alcoholism, but also reflect the market’s unique challenges.

Patty Fiore noticed a new condition shortly after the Pandemic and the delay of Zoom psychotherapy sessions. Many of her new clients were from San Francisco and spoke out about how the cryptocurrency industry was disrupting their mental health.

Fears about “missed opportunities” were often accompanied by regret, depression, and anxiety. Fiore is a cryptocurrency trader, so she was able recognize the phenomenon.

Fiore was approached repeatedly by customers connected to the industry, both traders and employees, during the cryptocurrency pandemic. Fiore’s services have seen a huge increase in demand since December 1, after the collapse of many digital currencies.

Other therapists have reported a similar phenomenon. Peter Klein, a London-based specialist who works via Zoom, received between 30-40 requests since the collapse of crypto markets. It has received at least 70 requests to discuss cryptocurrency over the last four years.

Fiore stated, “Addiction is down to ups or downs.”

Like her colleagues, she believes that investing in cryptocurrency is similar to gambling, in terms of encouraging addiction. She believes that digital assets can offer a high reward but are just as unpredictable as gambling.

Addiction is caused by several factors

In 2020, Fiore was the first crypto client. This was not an investor. It was an employee of a company who deals with initial token placements.

Fiore says that Fiore was raising money in an unproven industry. She also said that it seemed like a pyramid scheme to some. Even with price fluctuations, the client’s psyche was affected by the need to counter people’s distrust.

Market instability can have a similar effect on investors who turn to Fiore. She says that the cryptocurrency market is not like the stock market and works round the clock.

You can trade 24 hours per day. Fiore stated that this drug is always on hand.

People become obsessed with cryptocurrency, whether they are earning or losing money. People are changing their spending habits, financial stability, relationships, priorities, and social behavior.

Investors who have suffered losses are not the only ones concerned about their fixation. Six months ago, Reddit channel #CryptoCurrency started discussing cryptocurrency dependence. Nearly a thousand people commented on it, sharing their experiences with this type of addiction.

One user said that he has been betting on sports for almost his entire life. “Crypto hacks and an increase of investments by three, four or ten times bring me more pleasure than betting on sports,” he wrote.

Another said, “Checking the rate cryptocurrency is my daily dose dopamine.” Although it is less harmful than alcohol or golf, it is still addictive.

The phenomenon is very common

However, not all crypto investors have a disordered mental state. Klein, who trades cryptocurrency, says that many people do not become addicted.

His clients include many men. This supports the claim that men are more susceptible to addiction than women. They are typically between 20-30 years old. However, there are some who are older and have had to deal with dependence on other drugs. Klein’s clients all have major problems: anxiety, depression and a tendency towards withdrawing from oneself. They also have susceptibility for addiction and domestic problems.

Klein shared the story of one client, but kept some details secret to protect his identity. He made a lot of money with cryptocurrency, but had problems in his marriage. These problems can be solved by cryptocurrencies.

It is important to not only eliminate crypto-dependence but also to “stabilize” relationships. Klein says this is the standard approach to any type addiction. “You need signals in the environment that these people cause the need for trading.”

Klein and other financial sector representatives are a lot like these clients: compulsive behavior and anxiety, as well as a tendency to suffer silently. He argues that crypto addiction is a problem. It is not easily seen from the outside. It doesn’t cause hangovers or make people aggressive. They end up losing their money and having to mortgage their homes.

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