Sources and publications

Jain et al. (2025)

Cryptocurrency Trading and Associated Mental Health Factors: A Scoping Review

This scoping review maps current knowledge on the relationship between cryptocurrency trading and mental health. The authors found that frequent trading may be associated with anxiety, depression, and addictive behavior, with young adults being the primary risk group. The study also highlights the lack of longitudinal research and the need for standardized measurement in future studies.

Jain, L., Velez-Figueroa, L., Karlapati, S., Forand, M., Ahmed, R., & Sarfraz, Z. (2025). Cryptocurrency trading and associated mental health factors: A scoping review. Journal of Primary Care & Community Health, 16, 21501319251315308. https://doi.org/10.1177/21501319251315308

Mosbey et al. (2024)

The Harmful Consequences of Cryptocurrency Speculation and Associated Risk Factors

This study focuses on the risk factors associated with speculative trading in cryptocurrencies. Researchers identify similarities between the behavior of speculators and pathological gambling, including impulsivity, loss chasing, and emotional instability. The authors warn that without adequate regulation, the cryptocurrency market may contribute to the development of new forms of addiction.

Mosbey, A., Delfabbro, P., & King, D. (2024). The harmful consequences of cryptocurrency speculation and associated risk factors. International Journal of Mental Health and Addiction. https://doi.org/10.1007/s11469-024-01405-x

Mills&Nower (2019)

Preliminary Findings on Cryptocurrency Trading Among Regular Gamblers: A New Risk for Problem Gambling?

The authors examined cryptocurrency trading among regular gamblers. They found that these individuals often perceive cryptocurrencies as another form of gambling and exhibit signs of problematic behavior even outside of traditional gaming environments. The study highlights the emerging risk of investment and gambling activities becoming intertwined.

Mills, D., & Nower, L. (2019). Preliminary findings on cryptocurrency trading among regular gamblers: A new risk for problem gambling? Addictive Behaviors, 92, 136–140. https://doi.org/10.1016/j.addbeh.2019.01.005

Johnson et al. (2023)

Cryptocurrency trading and its associations with gambling and mental health: A scoping review

The authors analyzed eight studies published between 2019 and 2022 and found a strong correlation between intensive cryptocurrency trading and symptoms of problem gambling in the populations studied. Crypto traders exhibited similar demographic (e.g., young males) and personality characteristics (impulsivity, fear of missing out) as problem gamblers and risky stock traders.

Johnson, B., Co, S., Sun, T., Lim, C. C. W., Stjepanović, D., Leung, J., Saunders, J. B., & Chan, G. C. K. (2023). Cryptocurrency trading and its associations with gambling and mental health: A scoping review. Addictive Behaviors, 136, Article 107504. https://doi.org/10.1016/j.addbeh.2022.107504

Joebges, H., Herr, H. (2025)

Crypto assets as a threat to financial market stability

The article examines how cryptoassets (especially Bitcoin and stablecoins) threaten the stability of financial markets because they mimic traditional monetary functions without corresponding institutional support. The authors warn that their unregulated nature, high volatility, and speculative character make them a structural threat, especially if the adoption of cryptocurrencies continues to grow.

Joebges, H., Herr, H. & Kellermann, C. Crypto assets as a threat to financial market stability. Eurasian Econ Rev 15, 473–502 (2025). https://doi.org/10.1007/s40822-025-00311-4

Şentürk, Coşar, Arıkan, 2023)

Relationship of Cryptocurrencies with Gambling and Addiction

The authors review the psychological and behavioral aspects of cryptocurrency trading and its relationship with gambling and addiction. They find that:

Cryptocurrency trading exhibits structural similarities to gambling with addiction components (salience, tolerance, withdrawal, loss of control, mood regulation) can be mapped onto problematic trading behaviors.
Cognitive and emotional factors such as FOMO, FUD, overconfidence, confirmation bias, and impulsivity play a major role in risky trading that for vulnerable individuals it may represent a modern form of gambling

Şentürk, E., Coşar, B., & Arıkan, Z. (2023). Kripto Paraların Kumar ve Bağımlılık ile İlişkisi [Relationship of Cryptocurrencies with Gambling and Addiction]. Psikiyatride Güncel Yaklaşımlar – Current Approaches in Psychiatry, 15(2), 348–355. https://doi.org/10.18863/pgy.1127924

Chen, Y., & Wang, L. (2024)

Herding behavior in cryptocurrency markets: The role of social media and cognitive biases

This study examined how social media and cognitive biases, such as herd behavior, influence the decision-making of crypto traders. The results show that traders often follow the crowd without sufficient evaluation of their own, which can lead to bubbles and sudden price drops. The authors emphasize the need for regulation and better investor education.

Chen, Y., & Wang, L. (2024). Herding behavior in cryptocurrency markets: The role of social media and cognitive biases. Journal of Behavioral and Experimental Finance, 38, 100812. https://doi.org/10.1016/j.jbef.2023.100812

Kumar, A., & Goyal, N. (2021)

Impact of education, age and gender on investor's sentiment: A survey of practitioners

A study published in the journal Heliyon (2021) examines the influence of education, age, and gender on investor sentiment among professional investors. The results show that higher education leads to more rational investment decisions and less susceptibility to emotional reactions to market fluctuations. Younger investors tend to favor riskier assets, while older investors prefer more stable investments. Women in the survey showed greater caution and a tendency toward thorough analysis than men, who more often chose more aggressive strategies.

Kumar, A., & Goyal, N. (2021). Impact of education, age and gender on investor's sentiment: A survey of practitioners. Heliyon, 7(4), e06736. https://doi.org/10.1016/j.heliyon.2021.e06736

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