A new addiction is getting stronger. Experts are sounding the alarm: they've revealed the symptoms.

• 31% of Polish cryptocurrency investors exhibit problematic investment behavior
• Modern investment apps can increase the risk of addiction through 24/7 access and emotional involvement
• Problem investing and gambling have similar psychological roots, which can lead to addictions.

The study, conducted on a group of one thousand investors, showed that as many as 31% of them exhibit a behavior pattern described as problematic – it involves a loss of control over:

• sometimes,
• financial resources,
• emotions.

- Importantly, 28% of surveyed investors also exhibit symptoms of problem gambling - according to a study by the Institute of Psychiatry and Neurology.

According to Dr. Michał Bujalski , sociologist, assistant professor at the Institute of Applied Social Sciences of the University of Warsaw, co-author of the research, this applies in particular to:

• short time horizons,
• high risk, and
• psychological mechanisms characteristic of games of chance

such as:

• chasing losses,
• looking for 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 - the researcher emphasized.

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 volatility of rates and the promise of quick profits mean that cryptocurrencies can become as addictive as roulette or bookmaker betting - said Dr. Bujalski .

Profile of the Problem Investor

The profile of a problematic investor in Poland is most often:

• man aged 30-40,
• with higher education,
• impulsive,
• thrill seekers,

and at the same time often struggling with:

• loneliness,
• stress,
• fear.

"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 component (six focus groups, N=48) and a quantitative component (N=1,000 investors aged 18-50). 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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