Crypto addiction often begins insidiously. The thoughts of those concerned revolve more and more about the market and their investments. They sleep badly, withdraw and take bold risks – up to and including total loss.
“Some of our patients have made hundreds of millions of dollars from crypto – but have become addicted to this constant tension that has almost destroyed their privacy,” 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 all over the world and can be compared to gambling addiction. It often affects young, educated men between the ages of 20 and 30. Some get into a vicious circle and gamble away their entire fortune.
rehabilitation clinics such as Castle Craig in Scotland and The Balance now specializes in research into and treatment of the disease. Victims get help there. Also BTC ECHO working on a larger story on the subject – more on that soon.
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 the dealers experience particularly intense ups and downs in a very short time. Trading apps like Robin Hood exacerbate the problem. They make trading as exciting as a video game.
How to recognize the beginning of a crypto addiction – and what are the consequences? You should pay attention to these three warning signs.
1. You check the lanes around the clock
Crypto junkies are constantly checking what is happening in 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. Thoughts turn obsessively about prices: have they gone up or down? Should I invest more or sell? FOMOthe so-called fear of missing out becomes a constant companion and at some point makes an ordinary everyday life impossible.
2. You want the next trade
Each trade provides “a little rush of dopamine followed by a deficit,” according to Stanford addiction expert Anna Lembke. A vicious circle ensues. Heavy traders trade for up to 16 hours a day in search of the next peak. Some slip into so-called “revenge trading” at some point. They invest more and more money hoping to recover their losses. Ultimately, they face a huge mountain of debt.
3. Your mood is tied to the Bitcoin price – and crashes with it
The emotional life of those affected becomes dependent on the volatile market prices. Fire 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 time, many of those affected withdraw more and more from their surroundings and become lonely.
“To stay awake and alert for longer periods of time, 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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