- The buzz and anxiety associated with watching the behaviour of the candlesticks releases dopamine, similar to drug abuse, which makes a trader go on and on in trading bitcoin
- Since their conception in 2009 as bitcoin, nobody knew that cryptocurrency trading would be an addiction almost similar to drug abuse ten years later
- It is no longer about making money, but the thrill that comes with price rising and falling glues him to his computer
For most people, money is but a tool to ease life, not the end goal of a person’s life. And when money becomes a non-concern compared to the thrill of getting it, it is a worry of a possible behavioural addiction.
Since their conception in 2009 as bitcoin, nobody knew that cryptocurrency trading would be an addiction almost similar to drug abuse ten years later.
One crypto trader in Castle Craig, a rehabilitation centre that treats crypto addiction, confesses that for him, it is no longer about making money, but the thrill that comes with price rising and falling glues him to his computer!
Another crypto addict, Stevie Rojas, says that he began the adventure as a casual bitcoin trader. Rojas discovered there was more than just bitcoin in the market. The thrill of diversifying his portfolio for maximum gain led him to trade other riskier altcoins.
Before Rojas knew it, he could not take his eyes off his screen, monitoring altcoin pumps and dumps and observing any new coin that had come up in the market. This severely affected his personal life, and he could only quit after seeking professional help.
The buzz and anxiety associated with watching the behaviour of the candlesticks releases dopamine similar to drug abuse, which makes a trader go on and on in trading bitcoin, and other cryptos.
Treatment centres worldwide are now considering cryptocurrency trading as a fast-growing addiction, with some asking for as high as US$90,000 to treat the “ailment”.
A report by Bloomberg revealed that many people are considering crypto trading addictive and are seeking medical help for it. Crypto addicts have gone as far as comparing their addiction to drugs and gambling.
Is crypto trading addictive?
According to Dylan Kerr, an online therapist, crypto trading demands your attention. If a trader takes their eyes off the computer screen, even for as little as a few minutes, chances are very high that one could miss out on massive opportunities and incur massive losses in the case of a day trading bull run.
There are more than 12,000 cryptocurrencies, with the market adding over 1,000 new cryptocurrencies every month, giving a lot of altcoins to keep a trader busy.
Signs of crypto addiction
Cryptocurrency trading being addictive is quite controversial. Many crypto traders may define what people may call addiction and the drive to keep going. Additionally, the crypto space is still relatively new, and behavioural addictions such as crypto trading and gambling are still in the early stages of acceptance as a form of addiction.
Many crypto traders involved in the crypto market do not know what to look for to know whether they are addicted or not. Here are a few behaviours of a crypto addict!
- Procrastination. Before getting to crypto trading, everyone has a life; a job, family, school and routines. When trading on crypto, you procrastinate a lot and make excuses to stay on your laptop to monitor the price of your altcoins.
- Portfolio expansion. When addiction hits, one wants to get involved more and more. While adding altcoins to your portfolio may appear as an ambition to make more money, it is also a sign of crypto addiction.
- Lack of sleep. You probably use 16 to 22 hours a day trading cryptos.
- Investing more than you can afford to lose. It becomes an addiction when you use more than your disposable income or get into debt to fund crypto trading.
- Too much talk about crypto. Crypto addicts do not resist a chance to talk about what they have invested in and how they will be millionaires driving Lamborghinis and huge guzzlers in a short time.
Crypto addiction treatment centres
Even with the ongoing debate as to whether crypto trading is an addiction or not, mental health professionals are reporting an exponential increase in the number of patients coming to them for crypto trading addiction treatment.
An example of a crypto treatment centre is the Paracelsus Recovery private clinic in Switzerland which charges US$90,000 to treat crypto trading. According to Jan Gerber, the clinic owner, inquiries about crypto-related issues have increased by 300 per cent between 2018 and 2021.
Anthony Marini, a special therapist at a treatment centre in Scotland, says they have treated over 100 people for crypto problems since 2016.
It is becoming challenging to combat crypto trading addiction due to a lack of regulatory measures for controlling cryptocurrency trading. Additionally, it looks like crypto addiction treatment centres will continue to increase due to the insufficient information on behavioural addiction out there. But the question still remains, is crypto trading addictive?