As stock and virtual currency trading has become easier with apps, the number of people suffering from 'trading addiction' is on the rise



In recent years,

many apps have emerged that allow users to easily trade stocks and virtual currencies online. However, the Wall Street Journal points out that these apps pose a risk of addiction, similar to that of the drug 'crack cocaine.'

More Men Are Addicted to the 'Crack Cocaine' of the Stock Market - WSJ
https://www.wsj.com/finance/stocks/stock-market-trading-apps-addiction-afecb07a



Smartphone apps that make stock and cryptocurrency trading more accessible are said to have

increased in number due to the COVID-19 pandemic in 2020. These apps are characterized by the fact that they allow users to trade stocks and cryptocurrencies as easily as ordering food from Uber Eats or products from Amazon, and they have problems similar to those of sports betting apps. The Wall Street Journal states, 'Users of these apps get the same kind of thrill from trading cryptocurrencies such as Dogecoin and Tesla and NVIDIA shares as they do from betting on the outcome of American football games.'

As the number of stock and cryptocurrency trading apps increased, the S&P 500 in the U.S. stock market recorded an increase of approximately 23% from the previous year in 2024, and it was also reported that the price of Bitcoin temporarily soared to nearly $110,000 (approximately 16.9 million yen).



However, doctors and counselors say that these easy stock and cryptocurrency transactions are causing more and more patients to become obsessed with the uncontrollable urge to gamble. Jessica Steinmetz, clinical director at the Safe Foundation, a New York-based gambling addiction treatment facility, said, 'About 10% of our patients are looking for help for addictions related to stock or cryptocurrency trading.' According to Steinmetz, such patients were not coming to the clinic before 2020.

'When patients come in, we immediately remove stock trading apps, sports betting apps, financial news apps from their phones,' said Lyndon Aguiar, clinical director at Williamsville Wellness, a gambling addiction treatment center in Virginia.

Patients who visit specialist doctors are prohibited from trading stocks and cryptocurrencies, but according to the Wall Street Journal, these patients suffer from symptoms similar to

withdrawal symptoms such as severe anxiety and depression. In fact, patients who are prohibited from trading have been reported to become restless or repeatedly tap their fingers on the table as if they were trading.

In addition, in recent years, many people with trading addictions have been visiting Gamblers Anonymous, a gambling addict group that gathers people from all over the United States to talk about how to overcome their addiction. Gamblers Anonymous advises people to avoid betting on stocks, virtual currencies, and other related products, and tells people who have left their jobs due to addiction to 'leave their retirement benefits to their spouse.'



'It's very easy to make a lot of money using these apps, but it's also very easy to lose it all,' said Doug Royer, a participant in a Gamblers Anonymous group counseling session who was addicted to stock trading apps.

Meanwhile, a spokesperson for stock trading app Robinhood said, 'Our app has strong protections to help customers make informed decisions, and customers are responsible for managing their own finances.'

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