Bitcoin addiction in Korea is at an alarming level, the lines between investing and gambling are becoming increasingly blurred
According to leading Korean news site Chosun Ilbo, the obsession that follows the situation of Bitcoin and the impact of valuation on the lives of young Koreans is growing worse. Even Bitcoin addiction is so dangerous that it interferes with their work.
Bitcoin addiction is comparable to gambling addiction
Psychologists warn that monitoring prices too often can trigger compulsive psychology. Part of the bigger problem with crypto addiction is that they inherently have similarities with gambling addiction. That said, should cryptocurrency holders and traders look at themselves or not?
From the beginning of the fourth quarter of 2020 until now, the price of Bitcoin has increased by more than 500%. When it comes to Altcoins with top performance metrics such as Dogecoin, Polygon, and VeChain, the percentage obtained is even greater. Therefore, being easily attracted to cryptocurrency investment is understandable.
Young Koreans who are passionate about Bitcoin trading to the point of deciding to quit job to become a full time trader
The lure of making money easily and quickly is what distracts and cares most about most people. So much so that even employers in Korea are starting to notice the effects. They don’t just complain about employee distraction because their price obsession is too great even during working hours. What’s more, some even report that the employees are quitting their jobs to become full-time traders.
Han Jung-soo is such a former worker. He quit his job at his credit card company last month because he made $ 2.7 million in crypto investments. This guy says cryptocurrencies are more profitable than doing a regular job.
Jung-soo stated:
“I enjoyed working, but I realized it made more financial sense to focus on my investments considering the returns I can gain for the amount of time I put in.”
The information technology industry, which is highly correlated with the number of employees investing in cryptocurrencies, is experiencing a high rate of employee turnover. A team leader at a Seoul-based IT startup said this is partly the reason why IT companies are raising employee salaries.
With Bitcoin and cryptocurrencies only gaining traction in recent years, cryptocurrency addiction is a relatively undiscovered phenomenon. However, psychologists have classified it into behavioral addiction symptoms, including other symptoms that have been studied previously, such as gambling addiction and stock market trading addiction.
What’s more, with this market almost always open 24/7, it’s easy for people to get caught up in easy profits. They are described as a horse race that never ends. It cannot be denied that crypto investing is a very attractive investment, described as being easy to make profits, but the sad fact is that 80% – 90% of traders are at a loss. With that in mind, it’s clear that cryptocurrency investing addiction is closely related to gambling.
You can see the BTC price here.
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