Bitcoin Addiction On The Rise

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Many people who have a lot of experience in the cryptocurrency industry have admitted that indeed bitcoin is addictive. This addiction is portrayed in the form of obsession and irrational exuberance and is mainly triggered by furious buying and selling and price fluctuations.

Scottish hospital to treat bitcoin addicts

A hospital in Scotland has launched rehabilitation services for people that are addicted to cryptocurrency trading. Castle Craig Hospital, located in Scottish Borders near Edinburgh has rolled out bitcoin addiction treatment, the first of its kind that target ‘cryptocurrency junkies.’ The end goal of the course is to allow people that have issues with crypto trading scale down on their trading activities or quit altogether. This may be hard to do as new ways to trade cryptocurrencies are constantly being presented, such as trading bitcoin futures contracts without trading actual bitcoins.

The hospital already runs rehabilitation facilities for alcohol and drug addicts and now says it will treat cryptocurrency addiction using the same techniques used in treating gambling addiction. The facility has indicated that there is no particular figure of people that are addicted to crypto trading but said a considerable number exists among the 13 million people that are actively involved in cryptocurrency trading around the world.

Crypto trading as a form of behavioral addiction

According to experts, trading in cryoptocurrencies leads to some form of behavioral addiction similar to that witnessed among gambling addicts. The addiction develops when traders becomes obsessed with the “minute-by-minute” changes in market prices.

According to Chris Burn, a gambling therapist at Castle Craig Hospital, the cryptocurrency market is very risky and keeps fluctuating. He says that this leads to some form of excitement and a shift away from reality among traders.

Some of the treatments at the center are being led by Tony Marini, a former cocaine and gambling addict. According to Marini, trading in cryptocurrencies makes people escape from themselves and from reality and assume another world. This is because they are not very happy with the world and situation they are in. He noted that as the first stage of the treatment, addicts will be put together in group therapies so as they can share experiences and life stories. This, he says, will help them realize that the problem they are in is not unique to themselves and that they have something in common.