The cryptocurrency boom has millennials totally hooked

With the pandemic, and stuck between two crises, thousands of young people have unceremoniously given themselves over to this new gold rush opened by bitcoin and have unleashed a boom that alerts the authorities and worries psychologists.

The supposed addiction, which many researchers confirm, to investing in cryptocurrencies, begins with the temptation. In the beginning, it is usually about low investments, a small touch of money on an exchange, and high profit expectations.

When funds are deposited, and more so in the crypto world, it is obvious that volatile oscillations begin, for better or worse, which are constantly changing due to a multitude of uncontrollable factors .

To this we must add the endless number of new altcoins and tokens that offer innovative functions and that hide behind striking projects that allow hope and autonomy to decide which new currency could become the next great beneficiary, and bet on it.

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The basis of all this is that we start with a ten and the following month we continue to invest with more and more, regardless of how the investment has evolved.

In addition, it is a fact that the market does not rest and we can fall into a constant review of its fluctuation. Obviously, it can go up and up, but currently and looking at the panorama, your investments are destined to go down more and more.

“In the case of cryptocurrencies it is brutal because it is a world that never stops and that gives immediate benefits, or losses. Unlike the stock market or bets, cryptocurrencies work 24 hours a day. You can buy and sell all the time, it’s like a casino that never stops: win, lose, win, lose…”, explains Marian Garcia, psychologist and director of Orbium Development.

This can cause that, seeing a continuous fall, you want to recover what was lost by investing in some totally different cryptocurrency, new projects… etc.

There is already talk of the Crypto Generation concept. Millennials are the generation that is most committed to this technology. However, according to experts, this fever is nothing more than the modern evolution of compulsive gambling.