Crypto addiction often begins insidiously. The thoughts of those affected revolve more and more around the market and their investments. They sleep badly, withdraw and take daring risks – up to and including total loss.
“Some of our patients have made hundreds of millions of dollars with crypto – but have become addicted to this constant thrill that has practically destroyed their private lives”, writes the balancea rehabilitation center for crypto addicts in Mallorca.
Psychologists have been researching the causes and consequences of crypto addiction for over a year. According to them, the problem is rampant worldwide and is comparable to gambling addiction. It often affects young, educated men between the ages of 20 and 30. Some get into a vicious cycle and gamble away their entire fortune.
rehab clinics like Castle Craig In scotland and the balance now specialize in researching and treating the disease. Victims get help there. Also BTC ECHO is working on a bigger story on the topic – more on that shortly.
Why crypto is particularly addictive
According to experts, crypto promotes addictive behavior. Unlike the stock market, the market never sleeps. Traders can trade around the clock and always follow the action live. Prices are also extremely volatile. They explode and crash, often within a few hours or days. This ensures that retailers experience particularly intense ups and downs in a very short time. Trading apps like Robinhood exacerbate the problem. They make trading as exciting as a video game.
How do you recognize the beginnings of a crypto addiction – and what are the consequences? You should pay attention to these three warning signs.
1. You check the courses around the clock
Crypto junkies constantly check what is happening on the market on their smartphones – even in the middle of the night. “The compulsion to check and educate yourself every five minutes or half an hour is becoming a whole new addiction,” says therapist Jose Pereira. The thoughts revolve obsessively around the prices: have they risen or fallen? Should I invest more or sell? FOMOthe so-called fear of missing out, becomes a constant companion and at some point makes a regular everyday life impossible.
2. You lust for the next trade
According to Stanford addiction expert Anna Lembke, every trade creates “a little rush of dopamine followed by a deficit.” A vicious cycle ensues. Heavy traders trade for up to 16 hours a day in search of the next high. Some eventually slip into the so-called “Revenge Trading”. They invest more and more money hoping to recoup their losses. In the end they are faced with a huge mountain of debt.
3. Your mood is linked to the Bitcoin price – and crashes with it
The emotional life of those affected becomes dependent on the volatile market prices. Shoot them up, crypto junkies are happy. When the market crashes, so do they. In the worst case, those affected can no longer find a quiet minute. They sleep badly and neglect the rest of their lives, their friends, family and themselves. Over the course of time, many of those affected withdraw more and more from their surroundings and become lonely.
“In order to stay awake and alert for extended periods, some dealers turn to excessive coffee consumption, Adderall, cocaine or other stimulants,” warns rehab center, The Balance. The result: Depression, mania, anxiety disorders. This is often the beginning of a radical downward spiral that can only be brought under control with therapy.
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