The addiction to cryptocurrencies and investment in the stock market: Is it real?

Although addiction was initially believed to be basically a synonym for drug addiction, over time, as a result of multiple evidence arising from scientific research, we discovered that not all addiction disorders are based on the consumption of drugs: there are also behavioral addictions.

In the latter, the person who develops the pathology does not generate an imbalance in the functioning of his brain by introducing psychoactive substances into his body, but through behavioral patterns that cause the body to release neurotransmitters and hormones (those produced by any healthy person) in a anomalous

This discovery has opened the door to ask ourselves how many types of behavioral addictions there are beyond the best known, which is gambling or pathological gambling. And for this reason, it is inevitable to look with different eyes at a world characterized by its volatility and its ease of generate very intense emotions, both pleasant and unpleasant: investments in the stock market and, more recently, in cryptocurrencies.

Is there such a thing as a cryptocurrency addiction? What mental health problems can lead to dependency dynamics in the face of this kind of investment? Let's see it.

• Related article: "The 14 most important types of addictions"

What do we know about the addictive dynamics of high-risk investments?

In the first place, it should be noted that it is only officially recognized as a behavioral addiction to pathological gambling, and there has recently been a lively debate about whether it is appropriate to acknowledge the existence of addiction to video games so that this concept appears reflected in the diagnostic manuals more used. Now, that does not mean that over time other forms of addiction will be recognized. And, on the other hand, as new technologies advance, it is increasingly difficult to define what type of behavior can lead to gambling.

For example, in some online video games game mechanics have emerged that have even been prohibited by several countries for relying on gambling (for example, obtaining digital collectibles through payments real).

In particular, it should be noted that currently it is possible to make risk investments almost at any time and with very few limitations, thanks to the popularization of the Internet and certain trading platforms, purchase of cryptocurrencies, etc. Simply having a smartphone with certain apps connected to our bank or our digital wallet of cryptos, we can lose large amounts of capital in a very short time (or gain a lot in relatively little weather). And we can also follow the value of these investments in real time, something that “hooks” up to unsuspected limits.

This means that behaviors such as constantly checking the value of our investments have become widespread; For example, a video recently went viral of a man who, just as his wife was walking towards him dressed in bride at her wedding ceremony, decides to look at her cell phone at a time to check the evolution of the value of her favorite cryptocurrency.

An important fear of missing things appears because of not being attentive "when it's time": is what is known as FOMO (Fear of Missing Out), a phenomenon that was believed to be limited to the world of social networks and chat and messaging services. But… Can this lead to an addiction? Partly yes and partly no, as we shall see.

• You may be interested: "5 signs of poor mental health that you should not overlook"

So… Is there an addiction to cryptocurrencies?

One of the characteristics of addictions is the phenomenon of tolerance: the person needs to become more and more involved in the satisfaction of the addiction to stop feeling bad and to “satiate”. Therefore, people who have developed alcoholism take longer to get drunk and at the same time drink more alcohol to mitigate withdrawal.

As well; Today, there is no evidence that this occurs with the tendency to invest in cryptocurrencies or in other relatively high-risk assets, while it does occur with pathological gambling and gambling. random.

Therefore, it is considered that we can talk about investment addictions as a metaphor, not like what is technically an addiction; although beware, that does not mean that it is not possible to develop mental health problems due to poor management of these behavior patterns. However, those experiences will not technically be addictions, but rather a dependency of another kind.

It is believed that part of what explains the difference between true addictions and being "hooked" on investments is that in the latter there is no emotionally powerful consequence that hits us immediately when we perform the action of invest. This does happen with bets: either we lose or win, we know it immediately. But when investing, we simply have strong incentives to be attentive to the evolution of value, but that does not have the same effects on our brains and on our behavior. And yet can lead to problems What:

• Excess stress and anxiety (which in turn can trigger other mental health problems: insomnia, propensity to use drugs...).

• Trouble concentrating on important tasks and meaningful relationships

• Tendency to try to solve all our problems by trying to make successful investments (for spending all day thinking about it), as an escape route that is also very risky.

• Related article: "How does an addiction affect the brain?"

Do you want professional psychological support?

If you are interested in having psychological assistance, I invite you to contact me.

My name is Thomas Saint Cecilia and I am a psychologist specialized in intervention through the cognitive-behavioral model. I offer my services in person at my practice located in Madrid and also through the online modality by video call.