As with many activities that entice users to spend money, such as casino or sports betting, investing in cryptocurrency can lead some people into a situation of addiction.
The general situation
The subject is very little dealt with in France, but in the United States and in England more and more regulators are looking into this issue.
Although cryptocurrency addiction is not officially named in the US DSM-5 Manual for the Assessment and Diagnosis of Mental Disorders, the researchers said it aligns with gaming disorder, which was recently added to the DSM- 5.
In an interview on Bloomberg Podcast, two journalists, Claire Ballentine and Charlie Wells, tried to address this complicated subject and how it should be treated.
Defining cryptocurrency addiction is difficult because there is not just one telltale sign of this addiction, but a multitude of signs that can be difficult to recognize. However, Wells spoke with a self-proclaimed crypto addict who did not go to a rehab facility, but described the ill effects of trading of crypto on his normal life.
” He was doing trading as soon as he got up in the morning, instead of playing with his child, and as a religious person, he began to shirk his religious duties. He seemed unable to control his behavior and wanted it to change. “, described Charlie Wells.
There are several issues in the uncontrolled investment in cryptocurrencies. First of all, as the market never sleeps, some people can spend hours a day watching the evolution of their investments, this creates compulsive behaviors and prevents the investor from enjoying other moments. In particular by using the Blockfolio application created by Edward Moncada which has contributed to a strong addiction among many users.
In addition, many influencers on certain social networks lead people to believe that one can earn gigantic sums, ” life changing moneyby trading cryptocurrencies. Even though everything is possible in investing, it is unlikely that a beginner trader can make it and beat traders professionals or whalesso this pushes investors to take big risks and act likecrypto traders professionals without the knowledge to do this job. Like the story of this cryptocurrency addict in Thailand.
Some centers specializing in addiction problems have started to treat patients with problems related to cryptocurrency trading addiction.
One of the striking examples is the case of a rehabilitation center in Switzerland which would cost 9000 dollars per week. This center is obviously reserved for the wealthy crypto addicts , which proves that addiction is a danger for all social classes, even for the wealthiest. There are similar institutes in the United States and even online.
One of them is “Castle Craig” in the United Kingdom, we can read on their site: ” Castle Craig Hospital treats cryptocurrency addiction for people addicted totradingfrom spread bettingand trading in cryptocurrencies like bitcoin, ether, Ripple and Litecoin. We treat them as forms of gambling addiction. »
Among the elements making it possible to identify an addiction totradingof cryptocurrency, Castle Craig talk about:
- Devote all their time and money to online commerce;
- Chase their losses (they spend more to recoup their losses);
- Constantly borrowing from family and friends, or stealing to fund their habit;
- Believing that a big win is about to happen;
- Pawn their property to raise funds;
- Lying to friends and family about the extent of their losses, and many more.
Castle Craig works on a 12-step approach to help patients understand their issues, regain self-esteem and learn how to manage their finances.
Cryptocurrency addiction, like any form of investing or gambling, is particularly harmful because it can destroy people without them realizing it. The future is decentralized, but it must be created for humans, and not leave behind the most fragile among us.
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Passionate about geopolitics, economy, cryptocurrency, Eurasia and travel! (as far east as possible), crypto-trader for 4 years.