Obsessed With Crypto? It Could Be a Form of Crypto Gambling Addiction

Tamara Tasić
By Tamara Tasić
Crypto Expert
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Updated Nov 4, 2022
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Read time 8 min

Are you obsessed with crypto betting? You may have a crypto gambling addiction. Investing in cryptocurrencies has become many people’s favorite activity these days. Along with regular investments, crypto trading has become dominant in the marketplace, opening space for problematic behavior and compulsive betting.

After the implementation of Bitcoin in 2009, many people turned to cryptocurrency to address their needs for faster and smoother transactions in various spheres of life. This trend has been followed by cryptocurrency addiction, which resembles gambling addiction. According to addiction experts, crypto addiction is similar to gambling addiction which is considered a disorder.

Investing in crypto is not necessarily a problem if you don’t overdo it and only use your available money. Otherwise, you risk developing addiction which could lead to bigger concerns both for your personal and family life. Having an awareness that crypto gambling is only a way of entertainment and not a method to earn money is the best approach you can have before advancing with this activity.

What Is Cryptocurrency Addiction?

Cryptocurrency addiction is obsessive trading in crypto that negatively affects someone’s life. It is considered a behavioral addiction, resembling gambling addiction, that can affect and damage personal and family relationships. 

Many people engage in crypto trading, but very few develop addictive behavior. According to Castle Craig, about nine people in 1000 have evident problems, while 70 people out of 1000 are at risk of becoming addicted in the future. 

Following the industry trends, crypto addiction is more associated with specific groups. For example, men are more likely to become obsessed with popular altcoins. Teens and young adults tend to spend too much time online, making them another group at risk. You may have a tendency toward gambling written in your genes, but you can also learn it from previous examples. 

People who work daily in gambling establishments, casinos, and shops are also prone to compulsive betting. The same can be said for those who work in specific environments such as roulette tables, internet gambling, day trading, and more. Gambling addiction can also appear among people who suffer from depression or anxiety.

Signs of Crypto Gambling Addiction

Crypto gambling addiction has become a common problem for people looking for new ways of engagement. An added level of excitement and thrilling atmosphere let gamblers fall into an addiction trap that further leads to more serious problems. 

To support you in identifying signs of crypto obsession, consider the following signs:

  • Taking an increased risk, without using strategy, in an attempt to place bigger wagers 
  • Becoming obsessed with cryptocurrency and gambling, researching trends, and preoccupation with current prices
  • Losing interest in social or leisure activities at the expense of crypto trading and investing
  • Becoming obsessed with cryptocurrency to boost the level of adrenaline 
  • Having unsuccessful attempts to reduce time spent on gambling and cryptocurrency trading
  • Having strong urges or cravings to engage in crypto trading.
  • Experiencing anxiety, stress, a low mood, anger, or similar mental symptoms when trading or when unable to trade
  • Lying or hiding your engagement in trading or any related activities from your family
  • Stealing money, taking loans, selling assets, or using the money for bills or necessities to engage in crypto gambling
  • Moving on with trading activities despite bad effects on your financial situation, physical and mental well-being, relationships, or similar

Things to Do If You Have a Cryptocurrency Gambling Addiction

Becoming obsessed with bitcoin is a serious problem, but there is a solution. Above all, you need to identify the problem and be willing to address it. This includes becoming aware of your issue and how it affects your personal life and relationships with your nearest and dearest. 

While some people must eliminate any form of cryptocurrency gambling to eliminate risk, others can take necessary measures to develop healthy betting habits. 

Below are the most essential things you can do:

  • Avoid investing in anything that you don’t comprehend
  • Stay away from trading/investing money that you can’t risk losing 
  • Develop a strategy and determine rules for trading, and stick to them
  • Think of a trading schedule and engage in this activity only during particular hours or days
  • Take breaks from crypto trading and avoid checking the crypto prices daily 
  • Search for alternative and healthy activities such as meditation, writing, reading, going out in nature, exercising, or spending time with your family
  • Be aware of your problem and speak with a therapist or a health professional about bitcoin addiction and related problems

Is Crypto Addictive: GamCare Survey

Is cryptocurrency addictive? Many research projects show that both trading and investing in popular altcoins can result in serious problems. GamCare, which offers the National Gambling Helpline, records around 20 calls per week linked to crypto. People usually report trading/investing for 16 hours a day, losing too much money from cryptocurrency gambling, and having problems dealing with the guilt.

Obsession with cryptocurrencies doesn’t only affect people who engage in the activity, but also the people with whom they have relationships. GamCare found that many people experienced separation from their partners due to compulsive betting. In addition, a lot of problem gamblers turned to alcohol while trying to address their problem. 

The organization has also reported young patients who purchased digital coins in an attempt to earn enough money and get better status in society. They ended up losing tremendous amounts of cash.

According to GamCare’s research, one clinic that treats problem gamblers is Castle Craig, located in Peeblesshire, Scotland. The first cryptocurrency addict arrived there in 2016, and 100 patients have arrived since then.

Since the Covid outbreak, it is evident that more people have become isolated and engaged in trading, especially s. This is the opinion of Tony Marini, the senior specialist therapist at Castle Craig and a man who recovered from gambling addiction. Compulsive trading has increased tenfold since 2016, so the future will bring even more challenges.

Cryptocurrency obsession seriously threatens everyone actively involved in any investing/trading activity. Staying aware of potential risks and learning to control gambling habits is the best way to prevent any related issues and stay focused on healthy betting activities.

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Tamara Tasić
Tamara Tasić
Crypto Expert

Tamara is an entrepreneur and content specialist. She is passionate about gambling and cryptocurrency world, having worked on different casino and crypto writing projects. Tamara is also interested in legislation, investments, and DeFi.