The new gamblers, looped with Bitcoin

At this point, all the experts point out that the pandemic has increased one of the great problems suffered by today’s society, that of addictions. Alcohol, tobacco, sex and gambling are probably the most widespread. Also drugs. But this world of addiction is experiencing its own developments and a new form is gaining momentum: gambling arising from risky investments with cryptocurrencies. Everything indicates that it is the future panorama of the addition to the bets.

Although its appearance is recent, this new form of addiction is generating health problems for many young people, who cannot get out of the loop of buying and selling this virtual currency that moves in a volatile and unstable market.

Addiction

Getting into cryptocurrencies can be as attractive as it is dangerous

Tokens de bitcoin, ethereum, litecoin y dogecoin,

Given Ruvic / Reuters

This recent phenomenon has not yet been declared by the World Health Organization as a mental disorder, but there is already research that defines the main symptoms shown by those who suffer from this type of addiction. And they point to the perception of risk as a determining factor in distinguishing between a responsible investor and someone who develops an addiction disorder. As in compulsive gambling, the gambler’s fallacy, which consists of believing that if you play more, you get more back.

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One of the studies Most recent studies in this regard have been carried out by the University of Adelaide, Australia. In it, the relationship between cryptocurrency investments, gambling and addition problems is analyzed. The experts conducted a survey of 543 people between the ages of 18 and 40 who participated in online sports betting and made investments with cryptocurrencies.

The results provided evidence showing that people who are drawn to gambling are also statistically more likely to engage in riskier speculations, such as day trading in stocks and investing in cryptocurrencies.

A woman uses a cryptocurrency wallet

A woman uses a cryptocurrency wallet

ERSIN KISACIK / istock

The fact of not having clearly defined diagnostic criteria makes it more difficult to treat, although professionals offer help to people who want to overcome their addiction based on the therapeutic tools generally applied to gambling. The Castle Craig Hospital, in Scotland, was one of the pioneer centers in treating these people addicted to investing in cryptocurrencies through a specific program launched in response to growing demand.

According to the professionals of this Scottish hospital, anxiety, irritability, social isolation, abandonment of work and even depression are some of the symptoms shown by addicts to these investments who, in addition, tend to lie to their environment, hiding their compulsive activity investor. In addition, the level of addiction is very high, especially considering that transactions are carried out online and virtually, so they can be done from the mobile phone, without having to walk a single step.


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Other signs that can be taken into account to identify this addiction are the progressive increase in investments in cryptocurrencies, loss of self-control, tension or confrontations when talking about investments, applying for loans and loss of concentration. Furthermore, the positive image built around these transactions means that these people do not see themselves as gamblers, as determined and cunning people.

In relation to risk factors, some are related to personality characteristics, the feeling of risk (which makes us secrete adrenaline) and self-deception which, in this case, consists of thinking that you are going to make money by making an excellent investment Instead of thinking that you will end up bankrupt by compulsively investing your savings. Another risk factor is the ‘universe’ of cryptocurrencies itself, always mysterious and understood by these people as a bet for the future.

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Tokens de Bitcoin REUTERS/Benoit Tessier/Illustration/File Photo

Reuters

The truth is that this market, which is characterized by being unstable and volatile, can become a risk for those who present addictive behaviors and not a kind of gambling, although in reality it is not (but it generates very similar addiction patterns ). Although there is not yet a fully defined treatment, it is certain that the best therapy is the one that is not necessary. Therefore, the advice of professionals in this regard is not to enter this world of crypto assets, as uncertain as it is dangerous.

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The new gamblers, looped with Bitcoin

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