People have always looked for ways to get rich and do it quickly. Hundreds of business models have been established on that principle alone and there are many stories about people getting scammed, just because they believed someone who was offering them an easy way to earn money. Then cryptocurrencies came along and people started watching their friends, neighbors, and colleagues actually making a serious profit by investing their money into the digital currencies. It took a few years for the word Bitcoin to be recognized worldwide. Everyone either is trading or mining Bitcoin or knows someone who trades or mines Bitcoin. Doctors in the UK have recently put forward a topic that was not actively discussed before. Is it a form of an addiction if a person incessantly talks about their cryptocurrency holdings and can’t help checking the prices every few hours?
Doctors at Castle Craig Hospital believe that addiction to cryptocurrency trading is just like any other addiction and should be treated accordingly. “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 & losses were made. It’s a classic bubble situation,” – says Chris Burn, a therapist at the hospital. The doctors also believe and easy access to the internet and technology make it more likely that a person will become addicted to trading cryptocurrencies.
The hospital also provides signs that can help identify someone who is addicted to trading. If a person constantly borrows funds from people around them, or in extreme cases even resorts to stealing money, it is likely that they are in some sort of a financial trouble. This could be caused by losses on their cryptocurrency investments. Mood swings and depression are also signs that someone is addicted to trading.
One of the biggest issues is that these people usually do not recognize that they have a problem and the responsibility to help falls on people around them. Fortunately, establishments like Castle Craig Hospital have special programs that help people with similar problems get rid of their addictions. Castle Craig chooses a 12-step approach to treat their patients. The program includes identifying what the patient wants in place of gambling, building up their self-esteem, learning to manage finances and most importantly, learning impulse control.
