It starts out innocently.
Maybe you have a friend who mentions success with investing in or trading cryptocurrency, or you hear about it on a podcast or read about it on Reddit. You’re drawn in but perhaps you’re not all in, not at first. You download a few beginner-friendly crypto apps like Gemini or Phemex. You spend some time exploring options on Robinhood. You do a few minor trades. Then you do more. And more.
Soon, you’re seeing what all the rage about buying and trading crypto has been about. This is fun. This is the real deal. Your veins are pumping hard with adrenaline. You lose sleep, lose appetite and maybe even start losing money. But you keep going. Like any true addict, you believe you don’t really need to stop or, perhaps, believe that you cannot stop.
What Makes Crypto So Addictive?
“Crypto assets trade 24/7/365,” said Ryan Hansen, head of sales for Mercury Digital Assets. “So you can always get a real-time look at your portfolio holdings, which may fluctuate dramatically since crypto is a young, relatively volatile asset class. This can be compounded by apps pushing notifications, so you don’t even have to log in to (access) engaging content that gets served up continuously on platforms like YouTube.”
Additionally, Hansen noted, crypto price activity is flooding media of all kinds, requiring a very disciplined effort to avoid looking at things that may affect your investments.
“Like buying stocks or any other asset class, it is exciting to watch your holdings increase in value and even more exciting when it happens quickly,” Hansen said, “so it is part human nature to want to get a dopamine hit when the market goes your way.”