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Cryptocurrency gambling with young people’s mental health – UQ News

Cryptocurrency buying and selling could possibly be linked to drawback playing, nervousness and melancholy in younger males, College of Queensland analysis has discovered.

Analysis pupil Ben Johnson from UQ’s National Centre for Youth Substance Use Research (NCYSUR) reviewed current research on cryptocurrency buying and selling and its affiliation with playing and psychological well being.

“We discovered there have been sturdy similarities within the behaviours of cryptocurrency merchants and drawback gamblers, corresponding to spending extreme quantities of time checking trades, spending extra to recoup losses, borrowing cash, impulsiveness and novelty-seeking,” Mr Johnson mentioned.

“The analysis additionally confirmed it was often younger males, who’re usually monetary danger takers, who have been interested in cryptocurrency buying and selling.

“Cryptocurrency costs frequently fall by greater than 50 per cent which places buyers liable to sudden and dramatic monetary losses.

“This could possibly be linked to hostile psychological well being, with some merchants reporting nervousness, melancholy, psychological misery and loneliness.”

Cryptocurrencies are digital belongings that are traded on-line on markets which by no means shut, and infrequently with cell phone purposes which permit steady and distant buying and selling.

Merchants spent a mean 2.3 hours a day engaged within the exercise and took part in different types of playing like sports activities betting or card video games.  

NCYSUR Analysis Fellow Dr Daniel Stjepanovic mentioned it was vital for younger individuals to know the hyperlink between cryptocurrency buying and selling and drawback playing.

“Cryptocurrency buying and selling has a big presence on social media which can contribute to its reputation with younger individuals,” Dr Stjepanovic mentioned.

“It is crucial persons are conscious that there’s an affiliation between cryptocurrency and drawback playing to allow them to make knowledgeable choices.

“Regardless of the big dangers concerned with cryptocurrency buying and selling, there’s at the moment a scarcity of analysis across the potential impacts on psychological well being.

“Our analysis has highlighted a necessity for additional analysis across the potential hurt the exercise can have on an individual’s relationships and employment.”

The analysis is revealed in Addictive Behaviours.

Media: UQ Communications, Bridget Druery, b.druery@uq.edu.au, +61 (0)435 221 246.

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