The enthusiasm and rush of trading cryptocurrencies may come with one downside – addiction.
Cryptocurrency addiction is not a virtual problem; it is real, and many investors are victims. Some people are obsessed with their digital assets; checking the prices of their favorite cryptos every minute, and always anxious about the daily trade.
According to experts, just like in the case of gambling, investors can become obsessed with the volatility of the crypto market which can become a behavioral addiction. Although the number of people suffering from this addiction has not been estimated, about 13,000,000 investors are actively trading in the crypto markets.
One hospital, Castle Craig Hospital in Peeblesshire, the Scottish Borders, is providing help for investors who have become addicted to crypto trading.
The hospital created a program for “crypto addicts” to help them deal with their addictions and live an addiction-free happy life.
Castle Craig, UK’s first ever “crypto clinic,” already has treatment courses for both drug and alcohol addicts and aims to help those addicted to cryptocurrency trading using the same techniques used for treating people who are addicted to gambling.
Chris Burn, a gambling therapist at the Castle Craig, said “The high risk, fluctuating cryptocurrency market appeals to the problem gambler. It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains and losses were made. It’s a classic bubble situation.”
Some of the crypto therapy sessions at the medical facility will be led by one Tony Marini, a former drug and gambling addict.
Mr. Marini believes that the life structure is essential for addicts. In his words, “Having been through it myself, my experience of addiction gives me insight and empathy towards others who have the same problem.”
Mr. Marini sees crypto trading as a way for investors to escape from challenges because they are not happy with the world they find themselves.
The first phase of the program is sharing life stories and experiences with other addicts in a group therapy session. This process will help them understand that they are not alone.
This move by the Scottish hospital will no doubt be of great benefit to the crypto community.