Crypto Addiction

Cryptocurrency has garnered the attention of healthcare experts as crypto trading is being recognized as having a behavioral addiction compenent. Therapists have begun treating patients for this emerging problem through a new rehabilitation program at the West Linton facility of Castle Craig Hospital in Scotland.

"It all started earlier this year when we got phone enquiries from crypto-traders asking about addiction treatment. They informed us about this “new” addiction. Then we looked into it and found it was a gambling addiction with many similarities to day trading addiction."

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Crypto addiction involves being hooked on monitoring fluctuations in the market, minute-by-minute, for tokens someone is trading in. Therapists are using techniques that are used for treating gambling addiction in order to treat the crypto-obsessed. They try to get teach them to let go and live without online trading. Therapist Chris Burn 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."

Another therapist, Tony Marini, who is a former gambling and cocaine addict can relate to the crypto addicts and what their going through in order to get them to understand what's going on. The two key points he tries to apply are in building structure and avoiding escapism. He says:

"Having been through it myself, my experience of addiction gives me insight and empathy towards others who have the same problem"

Much like gambling can be an addiction estimated to affect 3 to 5 of every 100 gamblers, they same likely applies to crypto traders. Those with a problem will invest/speculate with more money than they have or can afford. Gambling and crypto addicts alike can lose homes, savings or college funds to their addictions.

Trading crypto can attract people with addictive personalities or those looking for an escape. In an effort to identify those suffering from this behavioral addiction, the clinic held a Q&A on TheNextWeb regarding what the program and the addiction was. Crypto addiction is like day-trading addiction, but poses greater risks according to Castle Craig. This is due to the extreme volatility of digital assets traded on a 24/7 market, never forcing the addict to break away.

Brown provided additional details about the rehabilitation program:

"Our core treatment programme is known as a twelve-step model (it follows the concepts for recovery, first formulated by Alcoholics Anonymous in the early 1940's which have been hugely successful ever since). This is based on the idea of change based on self discovery where honesty and personal responsibility are key.
However, with behavioural addictions such as gambling, we also provide cognitive behavioural therapy (CBT). Daily programme includes group therapy, individual counselling, lectures and assignments, all within a therapeutic community.

Gambling addiction is already thought to produce more suicides than any other form of addiction, presumably due to the heavy financial losses. As such, crypto-trading falls into a category with similar risk factors.

Castle Craig has released a questionnaire aimed at getting help with crypto addiction:

Do you feel compelled to check cryptocurrency prices all the time?

Do you invest more on cryptocurrencies than you can afford?

Do you feel the need to invest larger amounts of money to get the same feeling?

Have you spent more to get back money you have lost trading in cryptocurrencies?

Have you borrowed money from friends and family or sold anything to invest in Cryptocurrencies?

Have you ever wondered whether you have a problem with cryptocurrency trading

Have you ever experienced the Fear of Missing Out (FOMO)?

Has your cryptocurrency trading ever caused you any health problems, including feelings of stress or anxiety?

Have people ever criticised your cryptocurrency trading or said you have an addiction problem (regardless of whether or not you thought it was true)?

Has your cryptocurrency trading ever caused financial problems for you or your family?

Have you ever felt guilty about trading in cryptocurrencies?

Score 0 for each time you answer “never”
Score 1 for each time you answer “sometimes”
Score 2 for each time you answer “most of the time”
Score 3 for each time you answer “almost always”
If your total score is 8 or higher, you may be addicted to cryptocurrency trading.

Castle Craig sees this as just starting, and it will get worse as more people lose control over their lives to this addiction:

"We do see it getting worse and I think we've only just seen the start of it, the start of people facing up to perhaps being addicted to crypto trading. Denial is a huge part of any addiction. When it becomes an addiction the user will not only lose money but also lose control over their life; they will become obsessed and be unable to work, have normal relationships or do anything else without constantly checking prices and news."

How about you? Have you ever felt guilt over trading? Investing more than you could afford? Constantly checking the prices? Fear of missing out? Lack of sleep? Spending more to try to recover losses? Investing higher amounts to feel satisfied? Borrowing money? I've had a few of these when I was doing it. I have a somewhat additive personality. Best to stay away in my case, and maybe yours too ;)

Thank you for your time and attention. Peace.

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