When a group of anonymous programmers invented Bitcoin in 2009, few could have predicted that it would be a world-changing invention. The virtual currency world, which grew almost quietly in its first 10 years, was seen as a safe haven for millions of investors amid the uncertainty created by the 2019 pandemic. Newspapers, television and social media were flooded with cryptocurrency news. Today, about 9,000 active crypto assets constitute a market of $2.18 trillion, and maybe before you finish reading this article, this figure will exceed $2.5 trillion or fall below $2 trillion.

Nearly one in 10 people in the world owns cryptocurrencies. And of course, the medical world is also getting its share of this craze. It is estimated that there are at least 8 million cryptocurrency addicts in the world today.

Cryptocurrency addiction is simply hurting yourself mentally, socially and economically while dealing with crypto market, and trying to fix the emerging problems by spending more time and money on crypto investment.

 

Symptoms of crypto addiction

The main attraction of the cryptocurrency market is that it offers investors the opportunity to make serious profits with price fluctuations in a short period of time. Therefore, even seconds are very important for investors. In January 2024, a Twitter post that was later denied caused a fluctuation of 500 million dollars in just minutes. Because of this feature, after a while, investors can’t take their eyes off the screen. When this behavior becomes constant and irresistible, addiction sets in. If you or someone you know is experiencing the symptoms below, it may be time to seek expert support:

• Being intensely preoccupied with crypto price movements
• Constantly sitting in front of a screen and studying the charts of cryptocurrencies
• Constantly looking at the latest status of investments at all times of the day or whenever possible
• Spending sleeping hours awake in front of a screen
• Isolation from social life, friends, hobbies and the world outside
• Intense anxiety and intolerance
• Indifferent behavior towards family and environment
• Spending large amounts of money to trade money
• Using money that does not belong to the person
• Inability to quit virtual currency addiction despite wanting to quit

 

Who are more prone to virtual currency addiction?

Studies on economic investments have shown that as investments increase, the hormone dopamine is secreted more in the brain of the investor. Moreover, this increase continued even when the possible returns on investment were very uncertain.

The dopamine hormone is the part of the brain that is involved in reward, and when it is released, the brain invites the person to seek pleasure. This is why dopamine is the most prominent hormone in all types of addiction, be it tobacco, drugs or gambling. Therefore, it should be taken into account that dopamine is elevated in people who deals with cryptocurrency and pushes the individual to become addicted. We can list the people who are prone to crypto addiction as follows;

 

• Those that are impatient in personality, fast decision makers and risk lovers
• More self-confident extroverted individuals with a high quest for innovation
• Individuals who frequently deal with the stock market, especially those who buy stocks daily or weekly
• People who make daily bets
• Young, educated and male individuals

Can cryptocurrency addiction be treated?

The answer is yes, and the first and most important step in any type of addiction treatment is the addict’s will to recover. If this is present, the support of family and friends is a very important part of the treatment. If the individual is unable to prevent himself/herself from addiction and financial losses are increasing, it is recommended to seek psychological help with the support of family members. If needed, medication support can also be given in the treatment that falls within the field of psychotherapy and psychiatry.

Since crypto-addiction is still a new concept, there is not enough research on this problem, but it shows great similarities with gambling addiction. For this reason, it can be said that people who receive treatment voluntarily have a recovery rate of over 70%.