A scoping review on cryptocurrency trading among young people and its association with gambling and mental health

Background: Cryptocurrency is considered by some as an asset class and investment. The value of some cryptocurrency (e.g. BitCoin) has increased over 100,000 times in the last ten years. Such unprecedented increase in value has attracted many young people to invest in cryptocurrency. Young people can easily trade cryptocurrency around the clock (24hrs a day/ 7 days a week) using mobile phone apps. Given the non-stop nature of cryptocurrency trading, huge short-term fluctuation in value and application of large leverage, trading pattern among some young people resembles gambling and this could has negative impact on their mental health. This review summarized the emerging literature on cryptocurrency trading and the association with problem gambling and mental health.

Methods: PubMed and PsycINFO were searched in July 2021 for studies published between 2010 and 2021. We identified only 8 studies on cryptocurrency trading and mental health correlates. Study characteristics were extracted and summarized.

Results: Four studies reported association between cryptocurrency trading and problem gambling and two reported association between cryptocurrency trading and worse mental health. Demographic and psychological correlates of those who traded cryptocurrency resembled those who engaged in traditional gambling.

Conclusion: There is a limited number of studies on this emerging phenomenon. For some young people, cryptocurrency trading patterns resembled gambling, and frequent trading may be linked to worse mental health. More research is required to evaluate the impact of frequent cryptocurrency trading on mental health.