The interrelations of cryptocurrency and gambling: Results from a representative survey

Problematic Trading: gambling-like behavior in day trading and cryptocurrency investing

“…15,18,19 Cryptocurrencies are generally considered to be highly volatile assets, bearing the potential of generating high returns in short periods of time, as well as high losses, the reason why they are widely considered to be risky and speculative investments. [20][21][22][23] There is a considerable difference in cryptocurrency investing and stock trading. For instance, cryptocurrency trading is more often an individual activity, of the person who invests in preliminary concepts and narratives, which can in some cases be even memes, in contrast to those who invest in well-established and solid companies.…”

“…For instance, cryptocurrency trading is more often an individual activity, of the person who invests in preliminary concepts and narratives, which can in some cases be even memes, in contrast to those who invest in well-established and solid companies. 21 In addition, cryptocurrency trading is more influenced by social media activity in comparison with other types of investments. 21 Trends Psychiatry Psychother -Pre-Proof -http://doi.org/10.47626/2237-6089-2023-0623…”

“…21 In addition, cryptocurrency trading is more influenced by social media activity in comparison with other types of investments. 21 Trends Psychiatry Psychother -Pre-Proof -http://doi.org/10.47626/2237-6089-2023-0623…”

“…Taking into account this context, it is possible to draw a parallel between cryptocurrency investing with gambling-like behaviors in the sense that both rely on the expectation of uncertain, but high gains. 21 Additionally, over the past few years, empirical research has shown evidence of the association between cryptocurrency investing and gambling. 21,24 For instance, a preliminary cross-sectional investigation based on an online sample of regular gamblers (n = 876) reported that cryptocurrency investing was a common practice among participants (prevalence of approximately 53%), and that cryptocurrency trading was significantly and positively associated with problem gambling severity.…”

“…21 Additionally, over the past few years, empirical research has shown evidence of the association between cryptocurrency investing and gambling. 21,24 For instance, a preliminary cross-sectional investigation based on an online sample of regular gamblers (n = 876) reported that cryptocurrency investing was a common practice among participants (prevalence of approximately 53%), and that cryptocurrency trading was significantly and positively associated with problem gambling severity. 24 Also, the same study reported a marked overlap between cryptocurrency investing and high-risk stocks trading among regular gamblers.…”