Cryptocurrency trading is an addiction for some people. Mental health specialists are noticing an upsurge in crypto-addicts as the crypto-asset market gains momentum. Some private clinics specialize in the treatment of this addiction.
The cryptocurrency market, whose valuation reached 3 trillion last year, is attracting more and more investors. Many Internet users seek to get rich by investing in digital currencies like Bitcoin. To maximize their earnings, others are getting into cryptocurrency trading.
Trading consists of buying and selling a token in a short period of time. You buy a fraction of cryptocurrencies when the price is at its lowest, and you sell when the price is at its highest. The most seasoned traders use leverage effects, which increases the gains but increases the risk of losing everything. To make profits from trading, you need strong nerves and an unfailing mind.
Addiction to cryptocurrency trading is becoming commonplace
As reported by our colleagues from Bloomberg, some traders develop an addiction to their activities, in the same way that a poker player becomes addicted to the game. The fact of trading crypto-assets becomes a need, an impulse and a pathological contingency, underlines the media, which interviewed several health professionals .
According to “a growing number of mental health professionals”, cryptocurrency trading has a similar impact on the brain to gambling. The trader then begins to invest to activate the dopamine receptors in his brain. Having become addicted to his activity, he behaves like a drug addict. He develops depressive episodes, becomes insomniac and neglects his private life. This is all the more true since the cryptocurrency market is continuously accessible, 24 hours a day, 7 days a week, unlike the stock market.
“It’s very similar to being at a roulette table. It seems endless, and it demands your attention. If you take your eyes off the prize, you could miss massive opportunities and incur massive penalties”says Dylan Kerr, a therapist who treated 15 crypto-addicts to recover from their addiction.
In this context, certain therapeutic centers dedicated to the fight against addictions have developed tailor-made offers to help crypto-addicts. This is particularly the case of Paracelsus Recovery, a luxury rehab center located in London and Zurich. The center has recently offered an offer dedicated to cryptocurrency traders.
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A week-long therapy, with a luxurious suite and high-end service, is offered at a price of 96,000 euros. She understands “full medical evaluation, psychological and psychiatric treatment, 24-hour in-house therapist, biochemical restoration, nutritional supplements, personal chef, maid, 5-star service”, can we read on the Paracelsus Recovery website. A private clinic based in Scotland also offers therapies for trading addicts. Since 2016, the facility claims to have helped cure more than 100 people.
Source : Bloomberg