Crypto addiction often starts insidiously. The thoughts of those affected increasingly revolve around the market and their investments. They sleep badly, withdraw and take daring risks – until total loss.
“Some of our patients have made hundreds of millions of dollars from crypto – but have become addicted to this constant thrill that has virtually destroyed their privacy,” writes the balancea rehabilitation center for crypto addicts in Mallorca.
Psychologists have been studying the causes and consequences of crypto addiction for over a year. According to them, the problem occurs worldwide and is comparable to gambling addiction. It often affects young, educated men between the ages of 20 and 30. Some enter a vicious cycle and waste all their fortune.
rehabilitation clinics like Castle Craig in Scotland and The Balance now specialize in researching and treating the disease. Victims receive help there. As well BTC ECHO working on a bigger story on the subject – more on that shortly.
Why Crypto Is Particularly Addictive
According to experts, crypto promotes addictive behaviors. Unlike the stock market, the market never sleeps. Traders can trade around the clock and still follow the action live. Prices are also extremely volatile. They explode and crash, often within hours or days. This ensures that retailers experience particularly intense highs and lows in a very short time. Trading apps like Robin Hood make the problem worse. They make trading as exciting as a video game.
How to recognize the beginnings of a crypto-addiction – and what are the consequences? You need to pay attention to these three warning signs.
1. You consult the courses 24 hours a day
Crypto junkies are constantly checking what’s happening in the market on their smartphones – even in the middle of the night. “The compulsion to check and inquire every five minutes or half an hour becomes a whole new addiction,” says therapist Jose Pereira. Thoughts obsessively revolve around prices: have they gone up or down? Should I invest more or sell? FOMOthe so-called fear of missing something, becomes a constant companion and at some point makes a regular daily life impossible.
2. You covet the next trade
Each swap provides, according to Stanford addiction expert Anna Lembke, “a small dopamine surge followed by a deficit.” A vicious circle ensues. Big traders trade for up to 16 hours a day looking for the next high. Some slip into the so-called “revenge trade” at some point. They invest more and more money in the hope of recouping their losses. In the end, they are faced with a huge mountain of debt.
3. Your mood is linked to the price of Bitcoin – and crashes with it
The emotional life of those affected becomes dependent on the volatility of market prices. Shoot ’em up, crypto junkies happy. When the market crashes, so do they. In the worst case, those affected can no longer find a quiet moment. They sleep poorly and neglect the rest of their lives, friends, family, and themselves. Over time, many affected individuals withdraw more and more from their surroundings and feel alone.
“In order to stay awake and alert longer, some drug dealers turn to excessive consumption of coffee, Adderall, cocaine or other stimulants,” warns rehabilitation center The Balance. Result: depression, mania, anxiety disorders. This is often the start of a drastic downward spiral that can only be brought under control with therapy.
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