We've been waiting years for the moment when society would recognize the slipper as an acceptable style to be worn outside of the house. Shop with E! has affiliate relationships, so we may get a commission if you purchase something through our links. "What we can do is begin talking about this.We independently selected these products because we love them, and we hope you do too. "You have kids who are literally becoming millionaires in their parents' basements and then losing it all before they run up for dinner," he said. But he wants society to face up to what he regards as "an enormous mental health crisis".
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He is now, with self-confessed irony, selling digital versions of the images as NFTs - non-fungible tokens, for which he is paid in ethereum.ĭanzico still has some crypto assets, and believes that decentralised finance has a bright future. It was only after Danzico began trading himself that he began noticing signs that fellow traders were everywhere.Ī neighbor would whoop every time ethereum spiked he'd see young men in the street fretting over a crypto chart on a phone screen.ĭanzico kicked his own habit by pouring his obsession into photography, using a light projector to superimpose images of crypto logos and charts onto the world around him.įinding a way to express how all-consuming trading had become "somehow allowed me to move past it", he said. That figure had more than doubled in six months as millions began dabbling while stuck at home during the pandemic. Trading platform estimated in July that 221 million people were now trading worldwide. Part of the problem, he suspects, is that people don't realise quite how mainstream crypto speculation has become. The problem is more common in men, the clinic notes on its website, "but this might just be because women trade cryptocurrencies less than men".įor Danzico, it's "alarming" that more specialised help isn't available.
#Obsessed with professional#
He found just one small-scale study into crypto addiction in Turkey, and a few therapists offering professional help, from Thailand to the US.Įxperts regard the phenomenon as a form of gambling addiction, noting similarities with Wall Street traders whose investments have spun out of control.Ĭastle Craig, a Scottish rehab clinic, describes crypto addiction as a "modern day epidemic". In reality I was starving," wrote the user named Jirka, who has since started rebuilding his life.ĭisturbed by his own experience and others described online, Danzico began researching crypto addiction, writing up his findings in an article for crypto news site Cointelegraph. "When I called my mom I just said it's all ok, I have (a) good job, place to sleep etc. In September, a Czech man's tale of his disastrous attempt to get rich from crypto - taking on spiraling debts as he attempted to claw back his losses - went viral on Twitter.ĭepressed and homeless, he was too ashamed to ask for help. Tweets by "people discussing deep depression, really extreme thoughts of isolation and suicide" often accompany plunges in value. "If one small fraction of those people are becoming hooked, we're talking about a burgeoning potential mental health crisis on a scale that I don't think that the world has ever seen."ĭanzico points out that you need look no further than Twitter, where crypto enthusiasts congregate, for a sense of the mental health consequences of the tokens' chronic instability. "We're talking tens of millions of people who are trading cryptocurrencies," he said. Reflecting months later during a trip home to the United States, the cheerful American mostly feels relieved that he nipped his addiction in the bud fairly quickly.īut as cryptocurrencies have grown from being a niche interest to a more mainstream one, Danzico says experiences much darker than his own are unfolding worldwide.
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His wife noticed him becoming anxious and angry.ĭanzico declines to specify the damage the experiment did to his finances - suffice to say that "for our bank account, it was bad". His emotions went on a similar rollercoaster, not helped by the fact that he was speculating in the depths of a Covid-19 lockdown. Cryptocurrencies like bitcoin and ethereum are notorious for their volatility, and the 39-year-old saw "years worth of money won and lost in a very short amount of time".