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With the rapid development of cryptocurrency technology, hundreds of people have found it interesting, profitable, and easy to use. Therefore, in some cases, they become addicted to this simple way of making money. Most of them consider only the material side of the trading process; few think about the destructive influence they are exposed to. Meanwhile, addiction to cryptocurrency trading is not only destroying the lives of those who are directly involved in the process but also affecting people close to the trader.
Being an ordinary ride-share driver, Maté Ballai has funneled approximately $100,000 into cryptocurrencies and foreign currencies trading since 2018. In his telling, he invested $50,000 after getting his part of a family inheritance and $10,000 after selling his car, while the rest came from his earnings.
At first, the endeavor seemed to be a total failure, as there were no returns. But November 2020 brought significant changes into his private and trading life. The money invested in XRP, Ethereum, and Bitcoin doubled and then quadrupled. Ballai was glowing with happiness. He took up a loan on securities to scale up his investments and started spending the money earned.
Maté Ballai says that he earned $2,500 a day and was fully satisfied with his life. He bought a luxurious car and an extremely expensive TV set. Then, he rented a large apartment and spent a two-week vacation in Dubai, enjoying a lavish lifestyle and denying himself nothing. Making huge sums of money at such a fast pace, he would have been a millionaire in three months.
It could be a fine story with a happy end, but it is not. There happened a crash on cryptocurrency markets, and Ballai’s income decreased. He was sure that the market would rebound, but it was not the case. He was highly committed to cryptocurrency and continued to invest more and more money, gaining almost nothing. The man was carried away by the fixed idea to recoup as if playing in a Bitcoin casino. He lost almost all connections with the outside world, trying not to miss a rapid price surge. He was out of all his money by February and owed more than $20,000 on loans.
Such stories are not a rare case nowadays. People are getting more aware of cryptocurrency trading, with this interest heated up by things like quarantine, isolation, and unstable situation in the world. Every month, more and more people are being treated for cryptocurrency addiction. Some psychologists consider it a new wave of old gambling addiction transformed into a different form.
Fortunately, the cryptocurrency addiction spread has brought forth psychologists and other professionals who are ready to help. The most crucial thing is to catch the right moment when you can still differentiate between justified risk and trading addiction that is not controlled anymore. It is the first step to admit your problem and ask for help. There are hospitals for people obsessed with gambling, anonymous groups to visit and share the problem you’re struggling with, or close relatives and friends who are open to listening.
