Cryptocurrency Addiction: A Hidden Epidemic?

When Matt Danzico started seeing cryptocurrency logos on the packaging of grocery store items, he knew he had a problem.

Danzico was swayed by the global frenzy for trading digital currencies during the pandemic, and very quickly it developed into an obsession.

“I would have these sleepless nights trying to get these charts out of my head,” said the Barcelona-based designer and visual journalist. “I thought I was losing my mind.”

cryptocurrency like Bitcoin And Ethereum are notorious for their volatility, and the 39-year-old sees “years of value won and lost in very little time”. bitcoin price in india 49.62 lakh, while price of ethereum stood at Rs. 3.63 Lakh on November 4 at 12:58 PM IST.

Their emotions went on a similar rollercoaster, not helped by the fact that they were guessing in the depths. COVID-19 lockdown. His wife saw him getting worried and angry.

Danzico declined to explain what damage the experiment caused to his finances – suffice it to say that “for our bank account, it was bad”.

Reflecting on a trip to the United States months later, the cheerful American is mostly relieved that he ended his addiction pretty quickly.

But as cryptocurrencies have evolved from a niche interest to a more mainstream one, Danzico says the world has a much deeper experience than his own.

“We are talking to millions of people who are trading cryptocurrencies,” he said.

“If a small fraction of those people are becoming addicted, we’re talking about a massive potential mental health crisis that I don’t think the world has ever seen.”

The Darkness of Crypto Twitter Tells Danzico You Don’t Need to Look Any Further Twitter, where crypto enthusiasts congregate to get a sense of the mental health consequences of the token’s chronic volatility.

Tweets of “people discussing deep depression, really extreme thoughts of isolation and suicide” are often accompanied by a drop in value.

In September, the story of a Czech man’s disastrous attempt to get rich off crypto – spiraling debt as he attempted to pay back his losses – went viral on Twitter.

Depressed and homeless, she was even ashamed to ask for help. “When I called my mom I said it’s all fine, I have (a) good job, place to sleep etc. I was actually starving,” wrote a user named Jirka, who then Started rebuilding his life.

Disturbed by his own experience and those of others described online, Danziko began researching crypto addiction, writing his findings in an article for crypto news site Cointelegraph.

They found only one small-scale study into crypto addiction in Turkey and a few practitioners from Thailand to the US offering professional help.

Experts view this phenomenon as gambling addiction, noting parallels with Wall Street traders whose investments have spiraled out of control.

Castle Craig, a Scottish rehab clinic, describes crypto addiction as a “modern-day epidemic”.

The problem is more common in men, the clinic notes on its website, “but it may simply be because women trade cryptocurrencies more than men”.

For Art Danzico as therapy, it is “worrisome” that more specialized help is not available. He suspects that part of the problem is that people don’t realize how mainstream crypto speculation has become.

Trading platform estimated in July that there are now 221 million people trading around the world. That figure had more than doubled in six months as millions began dabbling while staying at home during the pandemic.

It was only after Danzico began trading himself that fellow traders were everywhere.

A neighbor who will scream every time Ethereum spikes; He used to watch young men on the street fretting over crypto charts on the phone screen.

Danzico kicked his habit by pouring his passion into photography, using a lightweight projector to superimpose images of crypto logos and charts onto the world around him.

Finding a way to express how the all-consuming business “somehow allows me to grow beyond that”, he said.

He is now, with self-confessed irony, selling digital versions of the images as NFTs – non-fungible tokens, for which they are paid in Ethereum.

Danzico still holds some crypto assets, and believes that the future of decentralized finance is bright. But he wants society to confront what he considers “a huge mental health crisis.”

“You have kids who are literally becoming millionaires in their parents’ basement and then lose it before they run out to dinner,” he said.

“Start talking about what we can do.”

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain of classGadgets 360 Podcast. orbital is available Apple Podcastshandjob google podcastshandjob Spotifyhandjob amazon music And wherever you get your podcasts.

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