This Q&A is the full interview with Dr. John McAlaney. To read our expert panel’s full examination of crypto trading addiction, seethis article.
Below is the interview with Dr. John McAlaney, Chartered Psychologist, Chartered Scientist and Professor of Psychology at Bournemouth University. This is the complete transcript of our conversation; some excerpts were used in our feature on the topic.
For a deeper look into crypto trading addiction and its links to gambling, follow the article above. The full interview with Dr. John McAlaney appears below.
CoinJournal (CJ): Do you see similarities between crypto trading addiction and gambling addiction? If so, what are the most striking similarities?
Both cryptocurrency activity and gambling involve risk, which can be exciting and draw people into those behaviors. Both also contain elements of skill that can potentially generate profit. For example, a skilled professional poker player can make a living at the game, just as someone knowledgeable about crypto might earn enough trading to live on. In both cases, however, only a minority are consistently successful.
CJ: What makes activities like trading so addictive, in your view?
Humans are wired to respond to rewards; reward-driven learning helps us function in society. That same reward mechanism contributes to behavioral addictions: we do something, receive a reward, and are motivated to repeat it. We are also naturally curious and willing to take risks, which helps us explore and socialize. Trading combines the appeal of reward with curiosity and risk-taking, making it particularly engaging.
CJ: Influencers sometimes accept payment from founders to promote obscure cryptocurrencies they barely understand — do you see this as a problem?
We are social creatures and often underestimate how much we are influenced by others. When someone appears confident and knowledgeable, we tend to assume they know more than we do. That dynamic can lead people to follow influencers based on charisma or perceived success rather than on an objective assessment of the influencer’s understanding of trading. This can be misleading and risky for followers.
CJ: Do the daily price swings in cryptocurrencies affect people’s mental health when they see their investments rise and fall so dramatically?
While some level of risk can be enjoyable, people also value stability in life. We can tolerate a degree of unpredictability, but only up to a point. Constant exposure to sharp volatility and uncertainty can increase anxiety and have detrimental effects on psychological well-being.
CJ: Research into crypto trading addiction is still limited. Do you expect demand for more research to grow?
Yes, it is very likely. Crypto trading is a relatively new behavior, and novel behaviors naturally attract researchers’ attention. If evidence suggests a behavior could harm individuals or others, that accelerates the need for study and understanding.
CJ: Should the crypto industry do more to promote safe investing and address addiction?
In industries like gambling or alcohol, there is an expectation that companies take corporate social responsibility to promote safer use of their products, sometimes reinforced by regulation. The crypto industry could have an advantage here because online behavior is, in theory, easier to track than offline behaviors such as alcohol consumption. That could allow faster identification of people showing signs of harm and the provision of tailored support.
However, this requires collective effort from companies. If someone who is dependent feels one platform is placing limits on their activity, they can often switch to another provider, so industry-wide cooperation or regulation may be necessary to make protective measures effective.
CJ: Traditional gambling is restricted to those 18 and older in many places. Should similar age limits apply to crypto trading to protect younger, more vulnerable people from potential addiction?
Yes, trading should be restricted to adults. That said, enforcing such limits is challenging. Many people drawn to crypto are technically savvy and know how to work around systems. Age restrictions could help, but regulators and platforms would need robust verification processes to be effective.
CJ: If you had to answer yes or no — would the world be happier without gambling?
I don’t think so. Most people who gamble do so safely, responsibly, and enjoyably. Those who develop gambling addictions often have underlying life problems that contribute to their addiction; if gambling were unavailable, they might develop problematic behaviors around something else. The underlying vulnerabilities, rather than gambling itself, are often the root issue.
CJ: Similarly, would the world be better off without crypto investing?
I am skeptical that the world would be better off without it. Crypto emerged from a desire to explore new ways of conducting financial transactions. Curiosity about how systems work and how to improve them is a fundamental human trait. If people always accepted the status quo, innovation and progress would suffer.
CJ: What advice would you give to someone interested in crypto trading who may be prone to gambling addiction?
Anyone who suspects they may have a gambling problem should be cautious about engaging in crypto trading. If they choose to participate, they should monitor their behaviors and thoughts closely and watch for warning signs such as chasing losses, lying to others about their activity, or feeling persistent guilt or remorse about their actions. Recognizing these signals early and seeking support can help prevent serious harm.