A thematic analysis of mental health, addiction and gambling discussion on Reddit during the recent cryptocurrency market downturn

Purpose: Considering the volatility of the cryptocurrency market, it is important to investigate the impact that market participation has on mental health. Therefore, we analyzed Reddit discussions regarding mental health, gambling, and addiction from members of the cryptocurrency discussion board, r/cryptocurrency, during a recent downturn in the cryptocurrency market. Methods We collected 1315 threads submitted to the subreddit r/cryptocurrency between January 3rd to February 4th. A thematic analysis was employed, which included threads that discussed psychological wellbeing, mental health or gambling. Results We thematically analyzed the content of 130 threads, which contained 7635 comments. Our analysis identified three main themes present in user discussion. Theme 1 (emotional state and mental health) captured users' discussion on their wellbeing, mental health and emotional responses to the market downturn. Theme 2 (strategies for coping) examined coping strategies recommended by users to combat distress to the market conditions or trading urges. Theme 3 (likeness to gambling) captured discussion on the relationship between cryptocurrency and gambling based on its fixating properties and risk profile. Conclusions Reddit is a valuable resource for examining the experiences and attitudes of the cryptocurrency community. Accounts of Reddit users' experiences provided insight into the mental distress market downturns can cause and strategies to combat problems due to trading. Our findings offer qualitative insights into the problems experienced by individuals who cryptocurrency trade and encourage further investigation into its relationship with mental health.