Are you worried about your cryptocurrency wallet? Have you checked the prices of Bitcoin, Lightcoin, Ethereum, Ripple and Monero this morning? Are you anxious about today’s trading?
If you, or someone in your life, is getting hooked on the rush of trading cryptocrrencies, help is at hand. Castle Craig Hospital is now offering a residential course to help treat those who are addicted to the crypto markets.
According to experts, some people can become obsessed with the real-time fluctuations of the various digital currencies can become a behavioural addiction, similar to online gambling. While there are no current figures for the number of people suffering from this new form of addiction, around 13,000,000 people around the world are regularly trading in digital currencies.
Escape From Reality
Chris Burn, a gambling therapist at Castle Craig Hospital, said: “The high risk, fluctuating cryptocurrency market appeals to the problem gambler. It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains and losses were made. It’s a classic bubble situation.”
There is evidence that cryptocurrency addiction can be successfully treated in the same way as other similar addictions, such as gambling. Cognitive behavioural therapy is particularly effective for these addictions.
The hospital has created a handy guide to help identify the types of behaviour which could indicate an addiction to crypto-trading:
- Do you feel compelled to check cryptocurrency prices all the time?
- Do you invest more on cryptocurrencies than you can afford?
- Do you feel the need to invest larger amounts of money to get the same feeling?
- Have you spent more to get back money you have lost trading in cryptocurrencies?
- Have you borrowed money from friends and family or sold anything to invest in Cryptocurrencies?
- Have you ever wondered whether you have a problem with cryptocurrency trading
- Have you ever experienced the Fear of Missing Out (FOMO)?
- Has your cryptocurrency trading ever caused you any health problems, including feelings of stress or anxiety?
- Have people ever criticised your cryptocurrency trading or said you have an addiction problem (regardless of whether or not you thought it was true)?
- Has your cryptocurrency trading ever caused financial problems for you or your family?
- Have you ever felt guilty about trading in cryptocurrencies?
Score zero for each time you answer ‘never’
Score one for each time you answer ‘sometimes’
Score two for each time you answer ‘most of the time’
Score three for each time you answer ‘almost always’
According to the hospital, if your total score is eight or higher, you may be addicted to cryptocurrency trading.
Tony Marini, a former gambling and cocaine addict, will lead some of the treatments at the hospital. He said: “Having been through it myself, my experience of addiction gives me insight and empathy towards others who have the same problem. I see cryptocurrency trading as a way for people to escape from themselves, into another world, because they don’t like the world they’re in.
“The first stage of treatment is to join other addicts in group therapy and share their life stories. This helps them identify with each other and realise that they’re not alone.”