Dependence on cryptocurrencies

2023: Crypto addiction started to be treated in premium rehabilitation centres in Europe

In early February 2023, it became known that due to the high volatility of digital assets and the desire to make a profit, some people became dependent on this sector. In this regard, rehabilitation centers are emerging around the world, offering services to people struggling with crypto addiction. Read more here.

2022: Rehabilitation centers began to seek treatment for cryptocurrency trading addiction

As the cryptocurrency industry evolves and digital currencies spread as an alternative to traditional assets, trading cryptocurrencies causes some people to become so addicted that they are forced to seek help. This became known in June 2022.

Rehabilitation centers where people can be treated for addictions such as alcohol and gaming are well known, and the facilities have seen a recent rise in the number of people seeking help controlling cryptocurrency trading, the Bloomberg Crypto podcast reported in June 2022.

Rehabilitation centers began to seek treatment for cryptocurrency trading addiction

Addiction means an obsessive state in which a person cannot normally exist without something. The subject of attraction eventually becomes the main goal, gradually displacing all other aspects of life. Aggravating the situation is the formation of a circle of communication from the same dependent people. Therefore, the individual has no example and desire to fight his addiction.

Podcast host Stacey-Marie Ishmael discussed with reporters Claire Ballentine and Charlie Wells whether crypto addiction is a real problem and whether centers treating this type of addiction are really legitimate. According to Wells, people turn to these centers because they find it difficult to control their cryptocurrency trading activities, with some centers charging a lot of money for their services.

Charlie Wells briefly mentioned a rehabilitation center in Switzerland, which charges $9,000 a week to treat people suffering from cryptocurrency addiction. Such institutions can also be found in Scotland, Maryland, USA. It is difficult to determine crypto dependence, since there is not a single sign that would indicate dependence on cryptocurrencies. However, Wells spoke to one self-proclaimed crypto addict who did not go to rehab but spoke about the detrimental effect crypto-trading had on his normal life.

For example, a user engaged in trading as soon as he got up in the morning, instead of playing with his child, and, being a religious person, began to evade his religious duties. It seemed that the user could not control his behavior and wanted this to change. That coincides with some experts they interviewed saying it could potentially be cryptocurrency addiction, Wells said.

Wells also spoke to a man who was being treated at a rehabilitation centre in Scotland. The patient started with a small amount of money, brought it to $100 thousand for a crypto asset, and then again lost everything. It made him realise that he might not actually need the money, and he's just doing it for the thrill.

While the guide to assessing and diagnosing mental disorders does not officially state crypto-dependence, researchers say it is consistent with a gambling disorder recently added to the 5th Edition Diagnostic and Statistical Manual of Mental Disorders (DSM-5) guide. As it turns out, the clinics where Wells went have licensed therapists who treat crypto addiction with methods similar to those used to treat gambling addiction and other known addictions.

As for how people become dependent on cryptocurrencies, Ballentine said that the market is widely advertised and very easy to stumble upon, and that the growth of cryptocurrency trading was partly influenced by boredom during the COVID-19 pandemic, which caused a sense of excitement and involvement in the community. For some of these people, the thrill and ownership provided by their cryptocurrency trading activities has spiraled out of control, forcing them to abandon trading on the roost or even seek external help from centers to treat this type of addiction.^[1]

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