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Today in Focus

Is the cryptocurrency trading boom creating a new generation of addicts?

Today in Focus

The Guardian

Daily News, News

4.5778 Ratings

🗓️ 8 February 2022

⏱️ 30 minutes

🧾️ Download transcript

Summary

With endorsements from celebrities and ads on TikTok, cryptocurrency has gone mainstream. But not everyone gets rich. Rob Davies reports on how crypto apps encourage addictive, high-risk trading habits. Help support our independent journalism at theguardian.com/infocus

Transcript

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0:00.0

This is the Guardian.

0:08.1

Today, the dangers of gambling addiction are well understood.

0:13.2

But what about when it comes to cryptocurrency trading?

0:23.3

I definitely found it really tempting to look at it at all hours of the day.

0:27.0

The Guardian's Rob Davies has been fighting an itch that just won't let up.

0:31.9

And that's kind of pointless because for the most part,

0:34.8

even cryptocurrencies which are quite volatile compared to some other types of financial instrument,

0:39.2

they don't ping around wildly from one hour to another.

0:43.2

But it is really tempting to go back and just see if you're up a little bit or down a little bit.

0:47.8

For his reporting on the business desk,

0:50.1

Rob downloaded a cryptocurrency trading platform

0:53.1

and invested some money to see how it all works.

0:56.8

I mean, as it happens, the timing of the article that I was writing meant that

1:00.8

I bought when Bitcoin and Ethereum and some of the other currencies I bought into were quite high.

1:05.7

And they've pretty much declined every day since.

1:09.2

That'll go well with expenses.

1:11.2

Right, exactly. We only bought a little bit, I should stress.

1:14.1

I mean, I think if I'd bought it at a point when it suddenly went up,

1:17.3

I would have got much more of a rush.

1:19.2

It's like gambling, actually, in that respect.

1:20.8

And that if you win early, that's often the worst thing that can happen

1:24.5

because you're always looking to recreate that feeling.

...

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