There is a paradox for crypto researchers, its touted as the best new investment where you can make 100 times your contribution. And whilst some large firms and investors have entered the market the majority are uninitiated retail investors betting big from their smartphones. But this looks like gambling, argues psychology professor Paul Delfabbro. We need clarification just what people are doing with crypto, are people betting big on the future of the internet or simply gambling in a new form on their phones.

Whatever your viewpoint, there is no question that cryptocurrency is here to stay and the industry is rapidly growing. In many ways, the activity has become almost a symbol and argument point that sits at the juncture of many current political debates about centralisation; privacy; and the best ways to store and transfer value between individuals. On the hand, for people such as me who work in the field of psychology, cryptocurrency is another risk-taking behaviour which needs to be investigated so we can understand how this technology affects consumers. Part of this involves understanding how to classify it. Is it a form of gambling, speculative trading or a form of investment?