It is no secret that we are aware of the dangers of getting too involved in the world of crypto-trading. The regular crypto trader checks his phone several times in an hour and can be found waking up at night to check if Bitcoin (BTC) has recovered or if his stop loss order has been executed.
Back in December when the markets were peaking and intense, many individuals were pulling 24 to 48 hour trading sessions due to the excitement involved.
There was a recent news report of one individual who prefers to live in his car, rather than coughing up $800 in rent every month. He claims that this rent money would rather be spent buying his favorite crypto to boost his crypto portfolio. The gentlemen was quoted as having squeezed a mattress in his car that he parks in his friend’s garage for a meager $40 per month. One can be tempted to label his habits as being extremely frugal and somewhat completely addicted to the world of crypto.
Car Battle station. Source, news.bitcoin.com
Perhaps he is right and his crypto portfolio will be key to an early retirement. He might have a brilliant plan.
But there exists a good number of traders who cannot live without the excitement of trading on a daily basis.
This is where a hospital in Scotland has created a course of residential treatment for ‘crypto addicts’ to deal with the issues that cause this addiction, and introduce them to a life without it. Castle Craig Hospital in Peeblesshire, Scotland, offers help in correcting the behavioral addiction in crypto trading that is similar to online gambling.
Chris Burn, who is a gambling therapist, at the hospital had this to say about the similarities of crypto trading and online gambling:
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.
Another therapist at the hospital, Tony Marini, knows all to well how gambling and drug addiction works. He has been through it personally and has first hand experience along with the additional empathy needed to help others. He said the following about the required treatment of crypto trading addiction:
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 realize that they’re not alone
Addiction in any form is indeed dangerous to the individual and the ones closest to him or her. Therefore, the Castle Craig Hospital in Scotland can be lauded as identifying the disease in the crypto industry and offering help to those in need. As crypto trading becomes popular with the increment of online exchanges, it is highly probably that there will be more centers open to help the crypto trading addict.
[Photo source, steemit.com]