"Are Coins Really Gambling?" Volatile Cryptocurrency... Concerns Over 'Coin Addiction' Among 2030 Generation

Cryptocurrency Tradable 24/7 All Year Round
Daily Life Disrupted and Sleep Patterns Messed Up

On the morning of the 22nd of last month, when Bitcoin prices were declining, the Bitcoin price was displayed on a monitor at the Bithumb Gangnam Customer Center in Gangnam-gu, Seoul. [Image source=Yonhap News]

[Asia Economy Reporter Han Seung-gon] "I feel like I can only think about coins." , "Once I see some profit, I plan to quit immediately."

Unlike the stock market, cryptocurrency trading is available 24 hours a day, 365 days a year, anytime and anywhere. Because of this, investors sometimes show a kind of coin addiction. Moreover, when trading is done not as an investment but essentially for speculation, there are side effects similar to gambling addiction, which calls for caution. Among the 2030 generation deeply involved in coin investment, complaints about such symptoms are also emerging.

A man in his 30s, Kim, who said he has been investing in coins for six months, said, "Since coins have no market closing time, I can't help but keep looking at the market board on my phone," adding, "If a downturn starts the moment I miss it, I can't recover the loss, and it makes daily life difficult." He continued, "I plan to quit coins once I see some profit this time, but I don't know if that will actually be possible."

According to a survey, one in four college students is investing in cryptocurrency, which is popular among young people. On the 24th, Alba Heaven, a job and part-time job portal, conducted a survey of 1,750 college students, finding that 52.9% viewed the cryptocurrency craze positively. It was also found that 23.6% were actually participating in cryptocurrency investment.

The biggest reason college students think positively about the cryptocurrency craze was the high rate of return. Although there is risk, it is interpreted as a kind of opportunity to see higher returns compared to traditional investments like stocks.

The average investment period for young people in cryptocurrency is 3.7 months, mostly starting this year with the cryptocurrency craze. The average principal invested was 1,415,000 KRW, with most respondents saying they prepared it from their 'part-time job income (66.4%)'. A significant number also used 'allowance from parents (15.7%)' or 'existing savings/deposits (11.1%)' as investment funds.

The problem is addiction symptoms. If you get hooked on cryptocurrency, which operates 24/7 and has extreme price volatility, there is a high risk of leading to gambling addiction.

According to the Korea Center on Gambling Problems, consultations related to Bitcoin and stock investment addiction from January to March reached 1,362 cases, doubling compared to the same period last year (659 cases).

In the same survey, 68.3% of college students investing in cryptocurrency reported side effects from their investment. Specifically, 'emotional fluctuations due to price charts (35.3%)' was the most common, followed by △decreased concentration in daily life such as studies and part-time jobs (14.1%) △inability to maintain lifestyle patterns (12.0%) △addiction symptoms (10.2%) △excessive stress (9.5%) △increased spending and impulsive consumption (8.1%) △insomnia (4.9%).

A man in his 20s, Lee, said, "I really think about coins all day long, and it can't be helped," adding, "When I make a profit, I think about making bigger profits, and when I lose money, I hold on a little longer, 'jonbeo' (holding on), while continuously watching the coin prices." He continued, "Since money is involved, I can't think about anything else."

Another man in his 30s, Park, said, "If you try coin investment, you will know that price volatility is huge," adding, "To respond to such rapid rises and falls, you have no choice but to monitor in real time." He continued, "As a result, daily life gets somewhat disrupted."

Summarizing the complaints of young people, it can be seen as a kind of 'investment addiction syndrome' or 'gambling addiction.' Experts recommend healthy investing. Professor Shin Young-chul of the Department of Psychiatry at Kangbuk Samsung Hospital said in an interview with YTN, "You should invest within a level you can handle," adding, "You should see it as an investment concept where you are satisfied with a slightly better winning rate than just saving. If you put everything into (cryptocurrency investment) and your life swings based on it, even if you win or lose money, the possibility of unhappiness is high."

This content was produced with the assistance of AI translation services.