As gambling addiction has gained legitimacy in recent years treatment centers have started treating addiction to cryptocurrency trading similarly
Treatment Centers Are Now Treating Crypto Trading Addiction
Psychiatrists have recently begun to validate addictive disorders involving behaviors, which was previously only a peripheral perspective.
Over the last decade, the US medical community has officially recognized “gambling disorder” as a behavioral addiction, and the latest edition of the American Psychiatric Association manual highlights excessive preoccupation with video games. With these treatment centers have started treating addiction to cryptocurrency trading similarly.
A growing number of mental health professionals and treatment centers now consider cryptocurrency trading to be similar to gambling.
“It’s very similar to being at a roulette table,” says online therapist Dylan Kerr, who has treated about 15 self-professed crypto addicts. Trading crypto is “seemingly never-ending, and it demands your attention,’’ Kerr says. “If you take your eyes off the prize, you could miss out on massive opportunities and incur massive penalties.”
However, there are a few characteristics that distinguish cryptocurrencies from other forms of digital currency, making them more insidious at the moment. Despite the fact that they have been around for over 14 years, cryptocurrencies are still seen as relatively new, giving them an air of novelty.
Cryptocurrencies, as a relatively new asset class, are also extremely volatile. Because the same reward circuits govern both processes, trading these remarkable swings can give investors a high similar to cocaine.
Thilo Beck, a renowned psychiatrist, explains how compulsive cryptocurrency traders are simply responding to their brain’s reward mechanisms. Beck explains, “You do it to get the feeling, the rush.” “And you have to do it over and over in order to get more of the rush.”
Despite their novelty and volatility, established cryptocurrencies are now being treated as legitimate assets, allowing traders to rationalize what are typically more speculative positions.
Jan Gerber, the owner of the opulent Paracelsus Recovery private clinic, admits that many people mistake crypto-trading for investing, giving it legitimacy. Despite the fact that the $90,000 covers other unusual behavioral addictions, Gerber claims that inquiries about cryptocurrency issues have increased 300 percent between 2018 and 2021.
Pursuing Healthier Fulfillment
In the meantime, since 2016, Castle Craig in Scotland has treated over 100 people with cryptocurrency issues. Crypto issues, according to senior specialist physician Anthony Marini, often come to the fore when people are dealing with alcohol or drug abuse.
Marini describes a “crypto curve” that follows the progression from “high-fulfillment” trading to eventual dependence. Traumatic emotions frequently get in the way, resulting in debilitating feelings or even secondary addictions.
His approach, which is similar to the 12-Step Program of Alcoholics Anonymous, involves a gradual reduction of use and an eventual search for a healthy source of fulfillment.
