The skyrocketing interest in cryptocurrencies and stock trading has also led to an increase in the number of people suffering from crypto addiction, a form of gambling addiction.
We spoke with Dr. Lauren Jessell, a New York City psychotherapist and addiction treatment specialist, to learn more about crypto addiction and what you can do about it. if you or a loved one is experiencing this addiction.
What is Crypto Addiction?
Crypto addiction is like any other addiction. In this case, it’s the act of buying and selling crypto to the point where it becomes compulsive and takes a toll on important aspects of your life like sleep, relationships, financial well-being. Or maybe just your peace of mind.
How is crypto addiction different from trading addiction?
In most ways, crypto addiction and trading addiction are the same, but when people tell me about “trading” or “day trading” addiction, they are often referring to compulsive behaviors on the internet. stock market. Cryptocurrency addiction refers to the trading of bitcoin or altcoins, which can be purchased 24/7 on any number of exchanges.
Cryptocurrency trading can be much riskier and more addictive than trading in the markets (with the exception of Bitcoin ETFs) because the potential for rewards – and losses – is huge.
Is investing in crypto gambling?
It depends. Time magazine recently ran an article on how much (or not) to invest in cryptocurrencies. A general rule of thumb is to never invest more than you can afford to lose as cryptocurrencies (especially random altcoins) can be extremely risky and volatile.
I’d say if you’re buying a new altcoin or trying to make money by timing the market, that’s gambling. However, if you invest in, say, Bitcoin or Etherium and leave it in your portfolio for a certain number of months or years and that’s how much you can afford to lose, there is no what’s wrong with that. At the very least, it’s certainly an interesting social experiment in economics.
How do I know if I have a crypto addiction?
Crypto addiction is the opposite of investing what you can afford to lose. It’s about taking big risks in exchange for the chance to get big rewards.
By “risk”, I mean putting your financial well-being first, and potentially your mental health and relationships. You can “grow” and make money and still be addicted to trading or cryptocurrencies. A lot of people have an addiction that they haven’t experienced many negative consequences. Maybe your sleep is being affected, you have trouble concentrating on less enjoyable activities, or you keep your dealings secret from family or friends. Those are all common warning signs of crypto addiction.
How can I break my crypto addiction?
The first thing I recommend is just talking to someone you trust about it. The addiction to secrecy and shame — if you can talk to someone you trust about what’s going on, about money, time, or a sense of control you’ve lost, that’s a important step.
I also recommend contacting a therapist who specializes in addiction treatment.
For those who work in finance or don’t want to stop selling cold turkeys, an addiction therapist who specializes in harm reduction can especially be beneficial. Harm reduction is an addiction treatment approach that focuses on reducing harm related to a behavior or drug, but not necessarily eliminating the behavior altogether.
Where can I get help with crypto addiction?
Again, maybe start by just talking to someone who is interested in you.
Cryptocurrency addiction is becoming a really common problem. I have seen people become so ashamed of the money they have lost or the loss of control they are experiencing, and begin to isolate themselves from the people who love them. Reach out to someone you trust.
You can also check out Gambler Anonymous meetings for support — these groups are starting to have more and more attendees struggling with crypto addiction. Groups were modeled in 12-step groups for alcohol and other substances.
Finally, a therapist who specializes in addiction treatment is always a good option to look to — they’ll have the tools and training to get you back on track.
