The COVID-19 pandemic, coupled with a volatile crypto market, has caused a trading frenzy over the last few years. Many people have become addicted to cryptocurrencies. So much so that some luxury rehab centres are offering treatment for “crypto addiction”, as per a report by the BBC. These centres also provide treatment for other addictions like alcohol, narcotics, and eating disorders. The BBC reported that three rehab centres and two addiction clinics contacted by it claimed that they have gotten hundreds of related queries regarding the treatment of crypto addiction in the last two years.
The BBC report also gave the example of Don, an individual who works in a firm that processes the transactions of central bank digital currency (CBDC). Don, who wished to remain anonymous about his identity and did not reveal his real name, sought help for his crypto addiction from The Balance, a sprawling rehabilitation centre on Majorca island in Spain. He stayed in a private villa where he was attended to by his own chef and butler. His treatment involved therapy along with bike rides, massages, and yoga and cost Don over $75,000. He credits it with
However, addiction experts are skeptical if trading in the crypto market requires such an expensive intervention. Anna Lembke, a psychiatry professor at Stanford University and chief of the Stanford Addiction Medicine Dual Diagnosis Clinic, told the BBC that the treatment for this issue is similar to that for other addictions. She stated, “It’s a biopsychosocial disease so it requires a biopsychosocial intervention: medications in some cases, individual and group psychotherapy, changing habits and environment, (or) implementing healthier replacement activities.” She added that the price being offered for treating this addiction is not always justified.
Lembke said that treatment for crypto addiction should start with abstinence and managing withdrawal symptoms, which could include irritability, anxiety, and insomnia.
According to Aaron Sternlicht, who operates New York-based Family Addiction Specialist with his wife, the tell-tale symptoms of crypto addiction include debt, lying, stealing, and having difficulties in relaxing or sleeping. Some of the other signs are trading at the expense of career, relationships, and education opportunities.
Lia Nower, director at the Centre for Gambling Studies in Rutgers School of Social Work, is not in favour of rehab centres treating crypto addiction. She stated that the centres are making money out of desperate individuals. She added that this problem should be managed in a way
Today, 6 February, the price of cryptocurrencies has fallen by over 2 percent in the past 24 hours. The price of Bitcoin (BTC) fell 2.13 percent and Dogecoin (DOGE) plunged by 3.14 percent, as of 5:43 PM, according to Coin Market Cap.