Cryptocurrency and addictive behaviors in a census-matched U.S. Sample

Abstract

Cryptocurrency trading continues to increase in popularity as a broad financial activity in the American populace and across the globe. Despite well-documented risks associated with the behavior and parallels between cryptocurrency trading and gambling, the mental health implications and associations of this behavior are only beginning to be understood. The objective of the current work was to provide preliminary data, using a census-matched, weighted, U.S. sample, of the sociodemographic predictors of cryptocurrency trading and the broad cluster of addictive behaviors that are associated with such behavior. Participants were recruited by YouGov Opinion polling and taken from two samples: a weighted, census-matched sample adults in the United States (N = 2,806) and an oversample of sports-wagering individuals in the United States (N = 1,557). Cryptocurrency trading habits were measured via self-report questions, as were gambling problems, and substance use and dependence. Younger, more educated, higher-income men were more likely to regularly trade cryptocurrency. Cryptocurrency trading was associated with greater frequency of addictive behaviors and greater self-reported feelings of addiction. Collectively, these results suggest that cryptocurrency is often linked a wide variety of impulsive or at-risk behaviors and may be seen as an indicator of more broad concerns with risky behaviors.