The cryptocurrency market has been expanding rapidly. Cryptocurrency trading, however, has raised concerns among researchers. The trading of cryptocurrencies shares features with traditional gambling. Recent evidence suggests that people who trade cryptocurrency are more likely to experience problem gambling (PG).
In the present study, the researchers examined gambling motives and cognitive distortions among people who trade cryptocurrency. It was found that of the 700 participants, one-third experienced PG and one-third experienced at-risk gambling. Gambling to enhance positive moods and interpretative bias predicted at-risk gambling. Interpretative bias refers to beliefs that wins are due to skills and losses are due to external causes such as bad luck. Gambling to cope with negative moods was a strong predictor of PG. In terms of cognitive distortions, an inability to stop gambling predicted PG. These results could be of use to policy makers, researchers, and clinicians.
