Cryptocurrency buying and selling could possibly be linked to drawback playing, nervousness and melancholy in younger males, University of Queensland analysis has discovered.

Research pupil Ben Johnson from UQ’s National Centre for Youth Substance Use Research (NCYSUR) reviewed current research on cryptocurrency buying and selling and its affiliation with playing and psychological well being.

“We found there were strong similarities in the behaviours of cryptocurrency traders and problem gamblers, such as spending excessive amounts of time checking trades, spending more to recoup losses, borrowing money, impulsiveness and novelty-seeking,” Mr Johnson stated.

“The analysis additionally confirmed it was normally younger males, who’re usually monetary danger takers, who have been interested in cryptocurrency buying and selling.

“Cryptocurrency costs repeatedly fall by greater than 50 per cent which places buyers liable to sudden and dramatic monetary losses.

“This could be linked to adverse mental health, with some traders reporting anxiety, depression, psychological distress and loneliness.”

Cryptocurrencies are digital property that are traded on-line on markets which by no means shut, and sometimes with cell phone functions which permit steady and distant buying and selling.

Traders spent a mean 2.3 hours a day engaged within the exercise and took part in different types of playing like sports activities betting or card video games.  

NCYSUR Research Fellow Dr Daniel Stjepanovic stated it was necessary for younger individuals to grasp the hyperlink between cryptocurrency buying and selling and drawback playing.

“Cryptocurrency trading has a large presence on social media which may contribute to its popularity with young people,” Dr Stjepanovic stated.

“It is necessary individuals are conscious that there’s an affiliation between cryptocurrency and drawback playing to allow them to make knowledgeable selections.

“Despite the massive dangers concerned with cryptocurrency buying and selling, there’s at present an absence of analysis across the potential impacts on psychological well being.

“Our research has highlighted a need for further research around the potential harm the activity can have on a person’s relationships and employment.”

The analysis is printed in Addictive Behaviours.

Media: UQ Communications, Bridget Druery, b.druery@uq.edu.au, +61 (0)435 221 246.