“Buy High, Sell Low”: A Qualitative Study of Cryptocurrency Traders Who Experience Harm

DOI: 10.3390/ijerph20105833

ABSTRACT: The constant, substantial price fluctuations of cryptocurrency allow traders to engage in highly speculative trading that closely resembles gambling. With significant financial loss associated with adverse mental health outcomes, it is important to investigate the impact that market participation has on mental health. Therefore, we conducted interviews with 17 participants who self-reported problems due to trading. Thematic analysis was conducted revealing themes: (1) factors in engagement, (2) impacts of trading and (3) harm reduction. Factors in engagement captured factors that motivated and sustained cryptocurrency trading. Impacts of trading outlined how cryptocurrency trading positively and negatively impacted participants. Harm reduction described methods participants employed to reduce mental distress from trading. Our study provides novel insights into the adverse impacts of cryptocurrency trading across multiple domains, especially mental health, relationships and finances. They also indicate the importance of further research on effective coping strategies for distress caused by financial loss from trading. Additionally, our study reveals the significant role social environments play on participants’ expectations and intentions regarding cryptocurrency trading. These social networks extend beyond real-life relationship to include celebrity and influencer endorsement. This encourages investigation into the content of cryptocurrency promotions and the influence they have on individuals’ decision to trade.

– Cryptocurrency trading has adverse impacts on mental health, relationships, and finances.
– Further research is needed on coping strategies for distress caused by financial loss.

– Cryptocurrency trading has adverse impacts on mental health, relationships, and finances.
– Further research is needed on coping strategies for distress caused by financial loss.

– Cryptocurrency trading has adverse impacts on mental health, relationships, and finances.
– Further research is needed on coping strategies for distress caused by financial loss.

Methods used:

– Further research needed on coping strategies for distress caused by financial loss from trading.
– Investigation into the content of cryptocurrency promotions and their influence on trading decisions.

– Adverse impacts of cryptocurrency trading on mental health, relationships, and finances.
– Importance of researching effective coping strategies for distress caused by financial loss.

– Study investigates impact of cryptocurrency trading on mental health and relationships.
– Participants employ harm reduction strategies to cope with financial loss.

– Study investigates impact of cryptocurrency trading on mental health and well-being.
– Interviews conducted with 17 participants who experienced harm from trading.

In this paper , the authors conducted interviews with 17 participants who self-reported problems due to cryptocurrency trading and revealed the significant role social environments play on participants’ expectations and intentions regarding cryptocurrency trading.