Find out if you are addicted to cryptocurrencies2 min read
Is it possible to get addicted to cryptocurrencies? For the psychiatrist and technical director of the Revitalis Clinic, Sergio Rocha, it is! According to him, one of the main characteristics of cryptocurrencies, volatility, contributes to this alleged addiction.
In a recent article, the psychiatrist highlighted that volatility drives traders into a state of near hypnosis. That’s because some can spend days and nights analyzing price action and chart patterns of various cryptocurrencies in order to earn more and more.
This is particularly true for traders. According to Rocha, the trader can develop a pathological disorder of compulsion or dependence.
“The cryptocurrency market has all the necessary elements for a person to develop addiction. The possibility of getting rich quickly promotes strong emotions and activates the brain circuitry linked to positive reinforcement. For vulnerable people it can be a great risk”, explained Rocha.
Does Cryptocurrency Addiction Exist?
Also according to the expert, given the proper proportions, cryptocurrency trading can be compared to betting. After all, the symptoms and losses are similar to any addiction to other substances or behaviors.
As Rocha highlighted, hospitals around the world and health professionals have noticed an increase in hospitalizations to deal with the obsession with the cryptocurrency market.
For the psychiatrist, the obsession with the crypto market can be the result of the sum of two disorders: ludopathy (psychological disorder characterized by addiction to gambling) and Nomophobia (fear of being without a computer or internet).
“The effect of pleasure-related stimuli, of positive reinforcement resulting from virtual social recognition, also promotes neurotransmitter release and activation of specific neural networks. Once activated they helped to reinforce the desire to interact with the stimulus more and more,” says.
Are you addicted to cryptocurrencies?
Finally, the psychiatrist highlighted seven signs that may indicate the development of an obsession with cryptocurrencies:
- Narrowing of personal repertoire;
- Increasing need to interact with the stimulus of choice at the expense of clear losses in other areas of life.
- Exchange of activities, people and beliefs that were previously highly valued by the object of the compulsion in question;
- Feelings of distance from friends and family;
- Loss of concentration on activities unrelated to the obsession;
- Progressive increase in investments in cryptocurrencies;
- Sudden requests for loans or financial support.