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

Abstract

Background: The volatility and 24/7 nature of the cryptocurrency market allows traders to engage in highly speculative trading patterns that closely resemble gambling. Considering its potential for addiction and economic loss, it is important to investigate the impact that cryptocurrency trading has on mental health. Therefore, we analyzed Reddit discussions regarding mental health, gambling, and addiction from members of the discussion board, r/cryptocurrency, during a recent downturn in the market. Method: We collected 1315 threads submitted to the subreddit r/cryptocurrency from January 3rd to February 4th 2022. A thematic analysis was employed, which included threads that discussed psychological wellbeing, mental health or gambling. Results: We thematically analyzed the content threads that discussed psychological wellbeing, mental health or gambling. Our analysis identified three main themes present in user discussion. Theme 1 (emotional state and mental health) captured users’ discussion on their wellbeing, mental health and emotional responses to the market downturn. Theme 2 (strategies for coping) examined coping strategies recommended by users to combat distress or trading urges. Theme 3 (likeness to gambling) captured a discussion on the relationship between cryptocurrency and gambling based on its fixating properties and risk profile. Conclusions: Reddit is a valuable resource for examining the experiences and attitudes of the cryptocurrency community. Discussion from users provided insight into the mental distress market downturns cause and strategies to help combat these. Our findings offer qualitative insights into the problems experienced by individuals who cryptocurrency trade and encourage further investigation into its relationship with mental health and addiction.