Younger Koreans hooked on Bitcoin buying and selling sparks “crypto dependancy” fears

 Younger Koreans hooked on Bitcoin buying and selling sparks “crypto dependancy” fears

An article as we speak from the main South Korean newspaper Chosun Ilbo detailed the phenomenon of obsessive Bitcoin monitoring and talked about the influence of worth fixation on the lives of younger Koreans, even to the purpose of interfering with their work commitments.

Psychological experts warn that compulsive worth monitoring could also be a part of a wider drawback with cryptocurrency dependancy, which shares similarities with playing dependancy. Is now the time for crypto holders to verify themselves?

Bitcoin mania is impacting the roles market

Because the begin of This fall 2020 to its all-time excessive, the worth of Bitcoin has elevated by over 500%. In relation to top-performing alts reminiscent of Dogecoin, Polygon, and VeChain, the share beneficial properties are magnitudes higher.

The lure of simple and quick cash is a distraction for many. A lot so, that even employers in South Korea are starting to note the consequences. Not solely do they complain about distractions over worth obsession throughout work hours, however some even report that employees are quitting jobs to turn out to be full-time merchants.

Han Jung-soo is one such former employee. He give up his bank card firm job final month off the again of creating ₩3 billion ($2.7 million) from cryptocurrency investing. He mentioned crypto supplies a greater return in comparison with working a traditional job.

“I loved working, however I spotted it made extra monetary sense to concentrate on my investments contemplating the returns I can achieve for the period of time I put in.”

The IT trade, which has a excessive correlation of workers who spend money on cryptocurrency, is experiencing excessive workers turnover charges. One group chief at an IT startup primarily based in Seoul mentioned that is partly why IT corporations are giving out large pay rises to workers.

Crypto buying and selling dependancy

With Bitcoin and cryptocurrency solely gaining traction lately, cryptocurrency dependancy is a comparatively uncharted phenomenon.

Nevertheless, psychologists classify it below the identical taxonomy as a behavioral dependancy, which incorporates established sub-types reminiscent of playing dependancy and inventory market buying and selling dependancy.

Private accounts of Bitcoin buying and selling recount turning into hooked on the straightforward beneficial properties. What’s extra, the problem will get compounded by 24/7 365 markets, which is described as a unending horse race.

Taking the leap, I took some cash out of my measly financial savings and purchased myself some Bitcoin…In three days, I had made 6 p.c. I used to be hooked… I’ve seen that the entire cryptocurrency buying and selling development is like putting bets on a unending horse race, the place new horses are launched to the race nearly each day”

Whereas it’s enjoyable and video games when making a revenue, the unhappy actuality is that 80%-90% of merchants lose cash. With that in thoughts, the relation to playing is obvious for all to see.

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