Depression because of playing cryptocurrencies
Joanna Garzilli, an American, said that investing in cryptocurrencies is like stepping into the gates
Drew Vosk, 30, who lives near Northern Virginia, started playing crypto around 2017. He initially put his money into Ethereum, then switched to buying miners. "I spend all the money I have on investing and buying mining machines. I am addicted and obsessed," he said. At times, Vosk turned a $1,000 investment into $100,000, only to see that return evaporate.
"When everything suddenly changed, I woke up depressed. I couldn't accept reality," he said.
The Washington Post quoted mental health experts as saying that the sudden rise and fall in the price of the cryptocurrency market could expose participants to debt, broken relationships, and depression.
New York-based therapist Aaron Sternlicht says more and more people are looking to crypto addiction services. It is even more addictive than traditional sports betting, gambling and financial investing. Cryptocurrencies can be traded around the clock, unlike stocks. People also don't need to drive to the casino. Price fluctuations, especially ones like meme coins, can quickly send the brain into a sense of euphoria.