“A crisis the world has never seen before.” Obsession with cryptocurrencies recognized as addiction and “modern epidemic”
Castle Craig, a Scottish drug and alcohol rehab clinic, calls cryptocurrency obsession a “modern epidemic.” Experts view this phenomenon as a form of gambling addiction, noting the similarities between ordinary crypto investors and Wall Street traders whose investments have gotten out of hand.
As Castle Craig representatives point out in their study, the problem is more common among men, “but it may simply be because women trade less cryptocurrencies than men.”
Crypto.com trading platform estimated in July that more than 220 million people are currently trading cryptocurrencies worldwide. That figure has more than doubled in six months as millions of people began experimenting at home during the pandemic.
We’re talking tens of millions of people trading cryptocurrencies. If a small fraction of these people are hooked, then we are witnessing a mounting potential mental health crisis on a scale the world has never seen before.
Matt Danzico, a mental health survivor of cryptocurrencies, adds: “I would have these sleepless nights tossing and turning trying to get these charts out of my head. I thought I was going crazy. “
On social media sites where crypto enthusiasts gather, it’s easy to see the mental health implications of volatility in cryptocurrencies. People write about deep depression as well as isolation and suicidal thoughts.