Research from Rutgers University has found a link between trading cryptocurrency and compulsive gambling. Apparently, regular gamblers can view cryptocurrency trading as an additional high-risk activity — with a similar rush.
The study involved 876 adults who had gambled at least monthly in the past year — defined as regular gamblers. It found that over 50 percent of these ‘regular gamblers’ had also traded cryptocurrency in the same 12-month period.
It is almost unbelievable to think that a person who gets a buzz from risking money in the hope of a big win might gravitate towards crypto-trading — which is definitely not awash with stories of those who won big, with little to no expense or effort.
No, wait a minute.
According to the report, there is also a correlation between trading high-risk stocks and cryptocurrency.
Somebody should call the BBC!
The Best Defence
Before our regular-trading readers get all defensive, the report is not trying to vilify those who trade as an investment strategy. Lead author, Devin Mills, whose initial goal was to discover how often gamblers use crypto as a payment method, said:
For some people, trading cryptocurrency is seen as an investment opportunity. But there is an alarming proportion of people who are ‘gambling’ on these cryptocurrency markets as they would gamble on horses or sports or slots. And it has the potential to get them into significant trouble.
Indications of problem gambling or cryptocurrency addiction can include:
- Participating in or thinking about cryptocurrency trading impacting one’s ability to work, socialize, or undertake other activities
- Lying to friends and family about the extent of the activity
- Mood swings, anxiety or depression
- Unrealistic confidence in ‘beating the system’
- Consequent debt or financial problems
For those who find their crypto-trading becomes a problem, there are specialist facilities opening up which provide support. If you are concerned for yourself or anyone you know then it is best to seek professional help.
What do you think about the correlation between cryptocurrencies and gambling? Let us know your thoughts in the comments below!
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