A Brazilian psychiatrist has identified seven warning signs that may indicate cryptocurrency addiction. With several companies saying that it is possible to obtain certain income and applying scams, many believe that cryptocurrencies are just get-rich-quick schemes. Gaining prominence in recent years as trading options and alternative rents, many people have been won over by the new decentralized digital technology. By trading for a long time, traders can suffer with their mental health and even develop a pathological compulsion or addiction disorder. Medical associations already understand that these addictions are considered “non-chemical”, associated with technological means, games, gambling or shopping. According to the psychiatrist and technical director of Clínica Revitalis, Sérgio Rocha, the cryptocurrency market has all the elements that allow the development of dependencies.
“The cryptocurrency market has all the necessary elements for a person to develop a dependency. 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 big risk.”
The doctor says that, given the right proportions, cryptocurrency trading could even be compared to casino betting cycles. The difference between the two practices is that in the financial and cryptocurrency market this addiction is disguised as a professional cloak. The symptoms and losses from the practices can then be similar to those of any other substance or behavior addict. To know if a trader is already obsessed with cryptocurrencies, it is important to be aware of at least seven signals.
1. Narrowing of personal repertoire;
2. Increasing need to interact with the stimulus of choice at the expense of clear losses in other areas of life.
3. Exchange of activities, people and beliefs that were previously highly valued by the object of the compulsion in question;
4. Feeling of distance from friends and family;
5. Loss of concentration on activities unrelated to the obsession;
6. Progressive increase in investments in cryptocurrencies;
7. Sudden requests for loans or financial support.
Psychiatrist believes hospitals are already preparing for hospitalizations related to obsession with the cryptocurrency market
It draws attention to cryptocurrency addiction to the reality of hospitals and health professionals around the world already preparing to welcome those obsessed with cryptocurrencies. In this sense, Dr. Sérgio Rocha warns that people who are addicted to gambling, for example, are more likely to attempt suicide compared to other addictions or compulsions. This is because, many accumulate losses and debts to maintain the activity, but with the financial collapse, they accumulate the feeling of impotence and shame. According to an analysis by the professional, the obsession with the cryptocurrency market can be a sum of ludopathy with nomophobia. According to Rocha, in a very short time we developed a huge interaction and dependency relationship with new technologies to keep ourselves updated and socially active, migrating en masse to this environment, getting addicted to likes and views.
“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.”
A recent study reported that among cryptocurrency traders there are psychopaths, sadists, and other profiles of worrying people.