Cryptocurrency trading, mental health and addiction: a qualitative analysis of reddit discussions

Johnson, Benjamin; Stjepanović, Daniel; Leung, Janni; Sun, Tianze; Chan, Gary

doi:10.1080/16066359.2023.2174259

Cited by 10 publications

(4 citation statements)

References 14 publications

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“…First, Grubbs and Kraus (2023) administered a survey to a large Census-matched sample in the U.S., and found that those who frequently engaged in cryptocurrency trading were more likely to be male, younger in age, and have higher income and education, and that cryptocurrency trading was significantly associated with self-reported addictive behaviors. Second, Johnson et al (2023b) conducted a qualitative study of Reddit online message board discussions on the r/cryptocurrency subreddit, and identified three key themes that emerged within 1,315 comment threads. These themes included: (1) emphasizing how cryptocurrency trading shares similarities with gambling, (2) coping strategies to help people trade less or reduce stress, and (3) mental health and emotions related to the large cryptocurrency market crash (which occurred in 2022; see Gura, 2022).…”

Section: Preprint |mentioning

confidence: 99%

Cryptocurrency Trading, Day Trading, and Gambling Behavior: Examining the Moderating Effects of Financially Focused Self-Concept and Gambling Motives

Louderback,

McCullock,

LaPlante

2024

Preprint

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Background and Aims: Cryptocurrency and day trading have grown in popularity over the past decade following the creation of the first cryptocurrency, Bitcoin, in 2009. These activities share important features with gambling, including risking money on an uncertain outcome, a chance of monetary rewards, and the potential to experience harm (e.g., financial or relationship problems). However, little is known about cryptocurrency and day trading engagement in the adult population, including associations with gambling behavior, harm, and psychological factors that might moderate these relationships. Methods: We analyzed cross-sectional data for n = 822 adults from an online panel in the U.S. to examine: (1) the extent to which cryptocurrency trading, day trading, and gambling are associated, (2) relationships between cryptocurrency trading, day trading, and higher risk gambling, and (3) whether financially focused self-concept and four types of gambling motives moderate these relationships. Results: We found moderate to strong positive intercorrelations between cryptocurrency and day trading, and gambling behavior, including engagement and risk. We identified significant moderating effects of financially focused self-concept, and coping motives for gambling, on the relationship between cryptocurrency trading and gambling frequency, and between day trading and gambling frequency. For the models predicting higher risk gambling status, the only significant moderators were financially focused self-concept for the day trading model, and the enhancement motive for the cryptocurrency and day trading models. Conclusions: Our results have important implications for research on gambling-adjacent activities and gambling, as well as on the moderating roles of psychosocial concepts in these relationships.

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Section: Preprint |mentioning

confidence: 99%

Cryptocurrency Trading, Day Trading, and Gambling Behavior: Examining the Moderating Effects of Financially Focused Self-Concept and Gambling Motives

Louderback,

McCullock,

LaPlante

2024

Preprint

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“…This can lead to physical health issues such as digital eye strain(5), neck (6) and back pain, obesity, and carpal tunnel syndrome. (7) Scams and fraud: Cryptocurrency scams and fraud are common, and victims can suffer significant financial losses. This can lead to stress, anxiety, and other mental health issues, as well as financial hardship.…”

Section: Litecoin (Ltc)mentioning

confidence: 99%

Public Health perspectives on Cryptocurrency: The Good, The Bad and The Ugly

Ramanathan,

Tripathi,

Bhattacharya

et al. 2023

Indian J Community Health

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Digital currencies like bitcoin utilize encryption to secure financial transactions, verify their legitimacy, and limit supply. Because there is no central authority over it, like a government or bank, we say that it is decentralized. Instead, cryptocurrency transactions are recorded on a public digital ledger called a blockchain, which serves as a decentralized database that records all transactions made with the currency.(1) The use of cryptography ensures that the transactions are secure and anonymous, making it difficult to counterfeit or double-spend the currency. On online exchanges, cryptocurrencies can be purchased and traded, and they can also be used to purchase products and services online.(2) There are risks and hurdles associated with cryptocurrencies, including as their volatility, regulatory ambiguity, and security concerns, even though they have the potential to revolutionize the way we think about money and banking. As with any investment or financial decision, it is important to do your research and consult with experts before investing in cryptocurrencies. There are many different types of cryptocurrencies, with new ones being created regularly.(1) Here are some of the most common types:

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“…There are several risks associated with cryptocurrency trading that are also observable among those who experience gambling-related harm. For example, poor mental health, illusions of control, fear of missing out, and preoccupation/excessive engagement have been identified as potential risk factors associated with cryptocurrency trading Johnson, Stjepanović, Leung, Sun, & Chan, 2023). There is also a positive relationship between engagement with cryptocurrency trading frequency and higher self-reported problem gambling scores (Delfabbro, King, & Williams, & Georgiou, 2021;Johnson et al, 2022;Mills & Nower, 2019;Oksanen, Hagfors, Vuorinen, & Savolainen, 2022).…”

Section: Introductionmentioning

confidence: 99%

Gambling, cryptocurrency, and financial trading app marketing in English Premier League football: a frequency analysis of in-game logos

Torrance¹,

ANDRADE²,

Newall³

2023

Preprint

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The gamblification of UK football has resulted in a proliferation of in-game marketing associated with gambling and gambling-like products such as cryptocurrencies and financial trading apps. The English Premier League (EPL) has in response banned gambling logos on shirt-fronts from 2026 onward. But this ban does not affect other types of marketing for gambling (e.g., sleeves and pitch-side hoardings), nor gambling-like products. This study therefore aimed to assess the ban’s implied overall reduction of different types of marketing exposure. We performed a frequency analysis of relevant logos in the EPL associated with gambling, cryptocurrency, and financial trading across 10 broadcasts from the 2022/23 EPL season. For each relevant logo, we coded: the marketed product, the associated brand, the number of individual logos, logo location, logo duration, and whether harm-reduction content was present. There were 20,941 relevant logos across the 10 broadcasts, of which 13,427 (64.1%) were for gambling only, 2,236 (10.7%) were for both gambling and cryptocurrency, 2,014 (9.6%) were for cryptocurrency only, 2,068 (9.9%) were for both cryptocurrency and financial trading, and 1,196 (5.7%) were for financial trading only. There were 1,075 shirt-front gambling-associated logos, representing 6.9% of all gambling-associated logos, and 5.1% of all logos combined. Pitch-side hoardings were the most frequent marketing location (52.3%), and 3.4% of logos contained harm-reduction content. Brand logos associated with gambling, cryptocurrency, and financial trading are common within EPL broadcasts. Approximately 1 in 20 gambling and gambling-like logos are subject to the EPL’s voluntary ban on shirt-front gambling sponsorship.

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Cryptocurrency trading, mental health and addiction: a qualitative analysis of reddit discussions

Cited by 10 publications

References 14 publications

Cryptocurrency Trading, Day Trading, and Gambling Behavior: Examining the Moderating Effects of Financially Focused Self-Concept and Gambling Motives

Cryptocurrency Trading, Day Trading, and Gambling Behavior: Examining the Moderating Effects of Financially Focused Self-Concept and Gambling Motives

Public Health perspectives on Cryptocurrency: The Good, The Bad and The Ugly

Gambling, cryptocurrency, and financial trading app marketing in English Premier League football: a frequency analysis of in-game logos

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