Addiction To Cryptocurrencies And Stock Market Investment: Is It Real?

Although at first it was believed that addiction was basically a synonym for drug addiction, over time, as a result of multiple evidence arising from scientific research, we discovered that not all addiction disorders are based on drug use: There are also behavioral addictions.

In the latter, the person who develops the pathology does not generate an imbalance in the functioning of their brain by introducing psychoactive substances into their body, but rather through behavioral patterns that cause the body to release neurotransmitters and hormones (those produced by any healthy person). anomalously.

This discovery has opened the door to asking ourselves how many types of behavioral addictions there are beyond the best known, which is pathological gambling or gambling. And therefore, it is inevitable to look with different eyes at a world characterized by its volatility and its ease of generating very intense emotions, both pleasant and unpleasant: investments in the stock market and, more recently, in cryptocurrencies.

Is there such a thing as a cryptocurrency addiction? What mental health problems can the dynamics of dependency cause when faced with these types of investments? Let’s see it.

What do we know about addictive dynamics versus high-risk investments?

First of all, it should be noted that officially it is only recognized as a behavioral addiction to gambling addiction, and recently a very lively debate has arisen about whether it is advisable to recognize the existence of video game addiction so that this concept appears reflected in the most used diagnostic manuals. Now, that does not mean that other forms of addiction will be recognized over time. And, on the other hand, as new technologies advance, it becomes increasingly difficult to define what types of behaviors can give rise to problem gambling.

For example, in some online video games game mechanics have emerged that have even been banned by several countries for being based on games of chance (for example, obtaining digital collectibles through real payments).

Particularly, it should be noted that currently It is possible to make risky investments almost at any time and with very few limitations, thanks to the popularization of the Internet and certain trading platforms, purchase of cryptocurrencies, etc. By simply having a smartphone with certain apps connected to our bank or our digital crypto wallet, we can lose large amounts of capital in a very short time (or gain a lot in a relatively short time). And we can also follow the value of these investments in real time, something that “engages” to unsuspected limits.

This means that behaviors such as constantly checking the value of our investments have become widespread; For example, a video recently went viral of a man who, just at the moment when his wife was approaching him dressed as a bride at their wedding ceremony, decided to look at his cell phone for a moment to check the evolution of the value of your favorite cryptocurrency.

A significant fear of missing out appears due to not being attentive “when it’s time”: This is what is known as FOMO (Fear of Missing Out), a phenomenon that was believed to be limited to the world of social networks and chat and messaging services. But… Can this lead to an addiction? Partly yes and partly no, as we will see.

So… Does cryptocurrency addiction exist?

One of the characteristics of addictions is the phenomenon of tolerance: the person needs to get more and more involved in satisfying the addiction to stop feeling bad and to “be satisfied.” For this reason, people who have developed alcoholism take longer to get drunk and at the same time drink more alcohol to mitigate withdrawal.

Well then; Currently, there is no evidence that this occurs with the tendency to invest in cryptocurrencies or other relatively high-risk assets, while it does occur with gambling and gambling.

Therefore, it is considered that We can talk about investment addictions as a metaphor, not like what is technically an addiction; Although be careful, that does not mean that it is not possible to develop mental health problems due to poor management of these behavioral patterns. However, those experiences will not technically be addictions, but rather a dependency of another kind.

It is believed that part of what explains the difference between true addictions and being “hooked” on investments is that in the latter there is no emotionally powerful consequence that hits us immediately when we perform the action of investing. This does happen with betting: we either lose or win, we know immediately. But when investing, we simply have strong incentives to pay attention to the evolution of value, but that or it has the same effects on our brain and on our behavior. And yet, can lead to problems as:

Do you want to have professional psychological support?

If you are interested in having psychological assistance, I invite you to contact me.

My name is Thomas Saint Cecilia and I am a psychologist specialized in intervention using the cognitive-behavioral model. I offer my services in person in my office located in Madrid and also through the online modality by video call.