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Cryptocurrency Crash Leads to Suicides

Date of upload : 26.04.2021 11:08

New Type of Addiction – Cryptocurrency

Cryptocurrency became a phenomenon in 2009, when virtual currency was commonly discussed in social media. Many people literally lost their minds because of a theoretically and potentially quick way of income. Those thoughts and anticipations activate our pleasure system in the brain responsible for happiness and satisfaction feelings.   

Emrah Gunes, MD, Professor of Psychiatry University of Uskudar, NP Istanbul Brain Hospital has shared his view on this topic and made some reccommendations for those, who suffer from crypo addiction.

Crypto Income Popularity

In 2009 crypto markets became quite popular and commonly discussed in the internet because it gave pepople a theoretical possibility to become rich doing basically nothing and not investing much. The founder of the first cryptcurrency became fabulously rich and turned out to lay the foundation for virtual money marekts. People invested their capital in the system they have no idea about.

Pleasure System and Dopamine

Psychiatrist Emrah Gunes recalls FOMO syndrome while talking about crypto addiction. The syndorme indicates the state of mind, when a person is obssessed about benefiting from a particular situation, at the same time, that person feels like as if he or she is missing it out. Those emotions and anxiety made the person to invest money in crypto market and wait for a quick profit. Crypto markets are not regulated by any authority, therefore, one cannot guarantee you anything. However, this is not the only problem. Crash on cryptocurrency is similar to the emotions an addict feels about alcohol or smoking. FOMO syndrome activates our pleasure center of the brain, which regulates our experience about happiness and satisfaction. That part of the brain is responsible for dopamine release into our blood system, that is how we feel happy and satisfied. However, the level of this hormone is constantly chaning and an addict craves for more, that is why, he or she may invest all his/her capital to crypto market and lose it in one day.

The More We Lose, the More We Depend 

First of all, pepople conjure up the idea that we can become rich in a very short period of time, doing basically nothing much. If the first experience in crypto world brings you a story with a happy ending, then, with high probability, you keep investing more and more. In case a person loses his/her conventional money by buying virtual coins, s/he become obssessed with taking money back and again keeps investing more and more. At that time people can look depressed, reserved and overwhelmed. They might even abuse alcohol or tabacco, drugs, etc. Later, if untreated, that mental disorder can lead to suicidal thoughts. It is a fact that suicides related to crypto bunkrupt are seemingly increasing all around the world.

Get Professional Psychiatric Help

Doctor Emrah Gules notes that if a person experiences anxiety, feeling of addiction, suicidal thoughts or keeps constantly investing all his/her money in crypto markets awaiting for a sudden profit, it is likely that s/he has an addiction, which should be treated by a specialist. It must not be forgotten that, if untreated, it can lead to irreparable consequences. 

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