A thematic analysis of mental health, addiction and gambling discussion on Reddit during the recent cryptocurrency market downturn

Abstract

Purpose Considering the volatility of the cryptocurrency market, it is important to investigate the impact that market participation has on mental health. Therefore, we analyzed Reddit discussions regarding mental health, gambling, and addiction from members of the cryptocurrency discussion board, r/cryptocurrency, during a recent downturn in the cryptocurrency market. Methods We collected 1315 threads submitted to the subreddit r/cryptocurrency between January 3rd to February 4th. A thematic analysis was employed, which included threads that discussed psychological wellbeing, mental health or gambling. Results We thematically analyzed the content of 130 threads, which contained 7635 comments. Our analysis identified three main themes present in user discussion. Theme 1 (emotional state and mental health) captured users' discussion on their wellbeing, mental health and emotional responses to the market downturn. Theme 2 (strategies for coping) examined coping strategies recommended by users to combat distress to the market conditions or trading urges. Theme 3 (likeness to gambling) captured discussion on the relationship between cryptocurrency and gambling based on its fixating properties and risk profile. Conclusions Reddit is a valuable resource for examining the experiences and attitudes of the cryptocurrency community. Accounts of Reddit users' experiences provided insight into the mental distress market downturns can cause and strategies to combat problems due to trading. Our findings offer qualitative insights into the problems experienced by individuals who cryptocurrency trade and encourage further investigation into its relationship with mental health.

The Influence of Perceived Risk and Perceived Value on Consumer Adoption of Cryptocurrency

“…However, since cryptocurrencies lack regulation, investors are at risk of market manipulation and scams which can leave them with heavy losses financially. Cryptocurrency trading platforms also offer leverage trading services which are extremely risky and are similar to gambling (Johnson et al, 2022).…”

“…The cryptocurrency market experienced heavy sell-offs in January 2022, where the total capitalization crashed by 22% in a month (Johnson et al, 2022). Throughout 2022, the Cryptocurrency market experienced a downtrend, going from $3 trillion in market capitalization to around $1 trillion, with Bitcoin tanking from its all-time high of $68,000 in November 2021 to below $18,000 in June 2022 (Urquhart & Lucey, 2022).…”

“…In March of 2008, users of the platform were allowed to create their own subreddits (Anderson, 2015). There are thousands of content-specific online communities called subreddits on Reddit (Johnson et al, 2022).…”

“…The Cryptocurrency News & Discussion subreddit has over 5.8 million members as of November 2022, making it the largest English cryptocurrency forum. Members share news, analysis, and personal experiences related to cryptocurrency, cryptocurrency trading and blockchain technology on the subreddit (Johnson et al, 2022). Since members of the Cryptocurrency News & Discussion subreddit interact with the forum through posts on a routine basis, we will be able to acquire data which is up-to-date with trends within the markets, which will prove to be useful in reflecting the sentiments of the population.…”