As with many activities that entice users to spend money, such as casino or sports betting, investing in cryptocurrency can lead some people into a situation of addiction.
The general situation
The subject is treated very little in France, but in the United States and in England more and more regulators are investigating this issue.
Although cryptocurrency dependence is not officially named in the U.S. DSM-5 Manual for the Assessment and Diagnosis of Mental Disorders, researchers said it is consistent with gambling disorders recently added to the DSM-5.
In an interview on the Bloomberg Podcast, two journalists, Claire Ballentine and Charlie Wells, attempted to address this complex topic and how it should be addressed.
It is difficult to define cryptocurrency dependency because there is not only one revealing sign of this dependence, but a host of signs that can be difficult to recognize. Wells, however, spoke to a self-proclaimed crypto addict who did not go to a rehab center but described the ill effects of trade of crypto on its normal life.
” He did trade as soon as he got up in the morning, instead of playing with his child, and as a religious person, he began to evade his religious duties. He seemed incapable of controlling his behavior and wanted it to change. “, Described Charlie Wells.
There are several problems in the uncontrolled investment in cryptocurrencies. First of all, since the market never sleeps, some people may spend hours a day watching the development of their investments, this creates compulsive behavior and prevents the investor from enjoying other moments. Especially by using the Blockfolio application created by Edward Moncada, which has contributed to a strong dependency among many users.
In addition, many influencers on certain social networks lead people to believe that one can earn gigantic sums, ” life-changing moneyby trading cryptocurrencies. While anything is possible in investing, it is unlikely that a novice trader will be able to make ends meet traders professionals or whalesso this pushes investors to take big risks and act likecrypto traders professionals without the knowledge to perform this job. Like the story of this cryptocurrency addict in Thailand.
Some centers that specialize in addiction issues have begun treating patients with issues related to cryptocurrency trading.
One of the striking examples is the case of a rehabilitation center in Switzerland, which would cost $ 9000 a week. This center is of course reserved for the wealthy crypto dependent , which proves that addiction is a danger to all social classes, even the richest. There are similar institutes in the United States and even online.
One of them is “Castle Craig” in the UK, we can read on their page: ” Castle Craig Hospital treats cryptocurrency addiction for people who are addictedtradefrom spread bettingand trading in cryptocurrencies such as bitcoin, ether, Ripple and Litecoin. We treat them as forms of gambling addiction. »
Among the elements that make it possible to identify an addiction totradeof cryptocurrency, Castle Craig talks about:
- Spend all their time and money on online trading;
- Chase their losses (they spend more to recover their losses);
- Constant borrowing from family and friends, or stealing to finance their habit;
- To think that a great gain is about to happen;
- Mortgage their property to raise funds;
- Lying to friends and family about the extent of their loss and many more.
Castle Craig is working on a 12-step approach to help patients understand their problems, regain self-esteem and learn how to manage their finances.
Cryptocurrency addiction, like any kind of investment or gambling, is particularly harmful because it can destroy people without them being aware of it. The future is decentralized, but it must be created for human beings, and not leave the most fragile among us.
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Passionate about geopolitics, economics, cryptocurrency, Eurasia and travel! (as far east as possible), crypto trader for 4 years.