Original scientific paper

https://doi.org/10.24869/psyd.2023.386

A NEW DANGER OF BEHAVIORAL ADDICTION: RYPTOCURRENCY WITH MOBILE INVESTING

Fatih Yığman ; Department of Psychiatry, Faculty of Medicine, Ufuk University, Ankara, Turkey
Şerif Bora Nazlı ; Clinic of Psychiatry, University of Health Sciences, Dışkapı Yıldırım Beyazıt Education and Research Hospital, Ankara, Turkey
Onat Yılmaz ; Clinic of Psychiatry, University of Health Sciences, Taksim Education and Research Hospital

Abstract

Introduction: Cryptocurrencies are a popular investment tool today. However, some studies highlight the investing behavior
of cryptocurrencies similar to pathological gambling. Investing behavior becomes risky when it is not based on proper and adequate
analysis and carries the possibility of big losses as well as big gains. For this reason, we aimed to determine the potential risky investor
profile by age, gender, personality traits and impulsivity levels.
Subjects and Methods: Six hundred and fifty-four cryptocurrencies investors (529 was male, 125 was female, their mean age
was 35.6 ± 9.0) participated in this study between June 2022 – August 2022. Participants were administered the Sociodemographic
Data Form, the South OAKS Gambling Screen Test – revised (SOGS-r), the Big Five Inventory (BFI-10), and Barratt Impulsiveness
Scale-11 (BIS-11).
Results: We found higher neuroticism and impulsivity in possible problematic crypto investors. In addition, extraversion, agreeableness
and conscientiousness scores were lower. Additionally, in our regression analyzes we found that younger age and male gender
predicted SOGS-r scores. After controlling for age and gender, extraversion negatively and motor impulsivity positively predicted
SOGS-r scores.
Discussion: Investing in cryptocurrencies can become a behavioral addiction, similar to pathological gambling. It is important
to identify profiles in which investment behavior is risky.
Conclusion: Personality traits and impulsivity may have a significant impact on identifying risky crypto investors and in the
treatment process.

Keywords

personality; investment; impulsivity; addiction; gambling

Hrčak ID:

310666

URI

https://hrcak.srce.hr/310666

Publication date:

25.10.2023.

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