Scotland are the first country in the world that has a rehab clinic for people who are addicted to trading in cryptocurrency, particularly Bitcoin. The Castle Craig Hospital plans to treat Bitcoin addicts using the same methods that have proved successful against gambling addiction.
Addiction is no laughing matter. Few things can destroy a person as thoroughly as an all-encompassing and destructive addiction. Luckily for the addict who wants to quit, be it an addiction to booze, drugs, gambling, even food or sex, there is help out there, with multiple support groups and clinics. Now it seems that Scotland might be the first country in the world that has launched a rehab clinic for people who are addicted to trading in Bitcoin.
Are You A Crypto-Addict?
If you find that the thrill of cryptocurrency, whether it be buying, selling, purchasing goods with or investing in, is taking over your life, it’s pretty likely that you are addicted. If that’s the case, you should ask yourself a simple question:
“Is your addiction in danger of eventually causing harm to yourself, or those around you?”
By harm, we are talking emotional and financial rather than physical, If the answer is yes, but you feel that right now it would be almost impossible for you to quit your addiction under your own steam, you may need professional help before things escalate to the next level.
If you live in the UK, Ireland or Europe, you are in luck. The Scotland-based Castle Craig Hospital just expanded its rehab services to cover cryptocurrency addiction earlier this month.
Bitcoin Addiction = Gambling Addiction
Experts compare the thrill of trading in cryptocurrency to day trading on the stock market, which is itself a form of white-collar gambling. Both involve a degree of risk, sometimes, when purchasing a crypto that could just as easily fall in value as rise, that risk is escalated.
Essentially whether it be cryptocurrency, the stock market or sports betting, the addict is gambling daily, and hooked on the thrill of massive returns on their investment/gamble. The result is that such regular emotional highs – and lows – result in an emotional dependence that is very similar to a gambling addiction.
As Castle Craig Hospital’s gambling therapist Chris Burn says:
“It (crypto trading) provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains & losses were made. It’s a classic bubble situation.”
The “Chasing Losses” Syndrome
In a similar fashion to individuals addicted to betting online on tennis, casino table games or slots, an addicted crypto trader spends money they may not even have on buying and selling crypto, and when that runs out, will then attempt to “chase their losses” by spending even more money. When this fails and the trader is left even deeper in debt, it will invariably lead to depression, mood swings, even criminal acts.
The Castle Craig Hospital will treat crypto addicts with similar methods that have proved successful to counter excessive gambling, involving Cognitive Behavioral Therapy. A week’s in-house treatment at Castle Craig starts at around $4,000. Payment plans are available, and private insurance may cover a stay at the hospital.
The company that runs Castle Craig has six other hospitals in Europe, so it’s possible that there could be a crypt-addiction clinic opening near you very soon.