Have you ever been to a Cryptocurrency ecosystem? The wild price fluctuations of most of these currencies mean traders have to remain hooked on monitoring every moment changes in the value of their tokens. Experts agree that trading in such currencies can cause addiction. Castle Craig Hospital in Scotland has started to treat Cryptocurrency addicts.
How Cryptocurrency Trading Can Become An Addiction
Although most of the Cryptocurrency traders invest money they can afford, some people go too far by risking too much. Cases of people selling their houses and other possessions to get into Cryptocurrency trade have been reported in different parts around the world. Moreover, other people have adopted unimaginable lifestyles with the hope of saving money to buy Cryptocurrencies.
According to the hospital’s gambling therapist Christopher Burn, Cryptocurrency traders share the same behavioral problems with gamblers. The high risk and unpredictable price changes create the same excitement as with gambling. He notes that, a few months ago, many people traded Bitcoin and heavy profits and losses were reported.
Cryptocurrency trading occupies a trader’s mind so that most of them ignore what is happening around them. The rapid and unpredictable changes in prices mean one has been always on the look. The fear of making losses makes most of the traders spend almost all of their time trading. Consequently, they have no time to engage in other activities that can help in improving their mental health. Slowly, they become addicted in Cryptocurrency trading.
Currently, around 13 million people in the world trade in Cryptocurrency. It is difficult to give an estimate of the number of Cryptocurrency addicts at the moment. However, given that three to four gamblers in a hundred struggle with addiction, application of the same in Cryptocurrency just shows how serious the problem might be.
Treatment At Castle Craig Hospital
Castle Craig Hospital has been treating drug, alcohol, and gambling addiction for a long time. The West Linton facility will use the same program used in treating gambling to address Cryptocurrency addiction. The program will also rely on the services of Tony Marini, a therapist who has also experienced problems with gambling and cocaine addiction.
Mr. Marini says that due to his experience in gambling, he is in a better position to help Cryptocurrency addicts overcome the challenge. He can understand what the addicts are going through and can provide the best remedy in facilitating their recovery. He adds that Cryptocurrency trading is a way of people escaping from the world they know to the one they have little or no knowledge about.
At the facility, the Cryptocurrency addicts will first get a chance to meet with the other addicts and this will be the first stage of their treatment. It will give them a chance to share their stories and experience and let them realize they are not alone in this struggle.
It is undeniable that trading Cryptocurrencies can become addictive. For those struggling with the problem, Castle Craig Hospital has just come at the right time. Although the hospital promises to have the solution to this new challenge, it remains to be seen whether the program will be as effective as it claims.