New Addictions: Problematic Cryptocurrency Investing Is Increasingly Like Gambling

More and more Poles are investing in cryptocurrencies, and some of them do it in a problematic way, resembling gambling, according to the latest study by the Institute of Psychiatry and Neurology commissioned by the National Center for Addiction Prevention.

A study conducted among a thousand investors revealed that as many as 31% of them exhibited a behavior pattern described as problematic—it involves a loss of control over time, finances, and emotions. Significantly, 28% of the surveyed investors also exhibited symptoms of problem gambling.

According to Dr. Michał Bujalski, a sociologist, assistant professor at the Institute of Applied Social Sciences of the University of Warsaw, and co-author of the study, this applies especially to short time horizons, high risk, and psychological mechanisms characteristic of games of chance – such as chasing losses, seeking excitement, or taking risks in the face of failure.

– Investing is not gambling, but some forms of it – especially those based on speculation – are deliberately “gambling” by using mechanisms known from games of chance to increase the emotional involvement of users – emphasized the researcher.

He also drew attention to technology - modern investment applications, available 24/7, use algorithms that analyze user behavior and adapt the offer in a way that keeps them in a state of constant tension and emotional excitement.

– The 24/7 availability of the market, high rate volatility and the promise of quick profits mean that cryptocurrencies can become as addictive as roulette or bookmaker betting – said Dr. Bujalski.

The profile of a problem investor in Poland is most often a man aged 30-40, with higher education, impulsive, seeking excitement, and at the same time often struggling with loneliness, stress or anxiety.

"Our research shows that problematic cryptocurrency investing and gambling have almost identical psychological roots. This phenomenon is not only economic, but also social and cultural—reinforced by the modern narrative of success, courage, and getting rich quick," added Dr. Bujalski.

In 2023–2024, the number of cryptocurrency investors worldwide increased by nearly 34%, exceeding 560 million people. In Poland, as many as 94% of adults have heard of cryptocurrencies, and 11.7% report owning them (PIE, 2023).

The Polish study included a qualitative (six focus groups, N=48) and a quantitative (N=1,000 investors aged 18–50) component. The results indicate a high level of engagement: 21% of respondents invested in cryptocurrencies at least once a week, 5% did so daily or almost daily, and 31% checked prices daily.

At the same time, as many as 86.5% of surveyed investors also engage in gambling, mainly online betting and lotteries.

Problem investing may affect as many as 31% of cryptocurrency investors, with 9 out of 10 meeting the criteria for high-risk gambling disorder.

"Our study clearly shows that the cryptocurrency market is not just a space for financial innovation. In many cases, it becomes an environment conducive to the development of addictions, which can have serious consequences for mental health," emphasized Dr. Michał Bujalski.

In his opinion, problematic cryptocurrency investing should be treated as a new, growing threat of behavioral addiction. Therefore, preventive, educational, and therapeutic measures are needed to limit the negative effects of this phenomenon – both individually and socially.

Mira Suchodolska (PAP)

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