Crypto Trading as a Disease: True or False?
This blog post will cover:
- The emergence of luxury crypto rehabilitation centers
- Is crypto addiction real?
- 7 ways to avoid falling into crypto addiction
- The final word
Are you or anyone you know…
- Constantly checking crypto charts?
- Always researching new tokens to invest in for that 500x?
- Persistently rebalancing crypto portfolio?
- Itching to DCA into crypto each time money hits the bank account?
- Having sleepless nights because of crypto?
- Forsaking the daily responsibilities over hitting the crypto forums for alpha?
- In some degree of financial disarray because of taking out loans and credit card debt to buy crypto instead of paying off the loans?
Then it just might be an addiction to cryptocurrency trading. But take heart, however – it’s becoming a common thing. It all starts out quite innocently.
You might have that one friend who never stops blabbing about their success in trading crypto. Or maybe you’ve heard about how eye-watering fortunes people made on crypto while browsing online forums, social media feeds, or podcasts.
Maybe you’re in the same spot: it seems like for every new fortune minted in the Crypto World, another fortune fades.
Perhaps you’ve been drawn in by curiosity and felt the adrenaline rush of seeing your first 25x come to fruition. You download your crypto trading apps, spend some time on Crypto Twitter, and make some minor trades. And then you do some more. And then some more. Perhaps throw in a few NFTs here and there, and flip them for a quick buck.
Next thing you know, you finally “get” what crypto trading is all about – there’s no rush like it. Oh my god, it’s the best. This is the real thing. Your veins are pumping full of adrenaline, and you begin to burn the midnight lamp, lose sleep, skip meals, and maybe even start getting burned on bad trades.
And despite losing, you keep going.
Just like any real addict, you think you don’t need to stop. Why stop? Just one more trade and you’ll make it all back. You begin deluding yourself into thinking you cannot stop.
There is no shortage of such tales in the Crypto World. For some, trading has become synonymous with gambling. It shouldn’t come as a surprise that a new industry has virtually sprouted out of the ether: that of treating addiction to cryptocurrency trading.
The emergence of luxury crypto rehabilitation centers
The inherent volatility of the cryptocurrency market paired with the isolating nature of the pandemic triggered a massive frenzy in trading crypto over the past several years. And it’s not without its casualties.
Countless stories of individuals who have checked into de luxe rehab facilities as a result of their so-called “addiction” to cryptocurrency are appearing daily. In fact, there are so many people seeking treatment for addiction to crypto trading that an entire niche industry sprouted out virtually overnight, in an attempt to capitalize on this new breed of addiction. And rehab for crypto doesn’t come cheap.
For instance, The Balance, a vast, 24-hectare luxury rehabilitation center located in Mallorca, the largest of Spain’s picturesque Balearic islands, offers therapy, yoga, massages, bike rides, private butlers, private villas, a private chef, and life on the beach to get over your crypto addiction – all for a “just” $75,000.
However, most rehabilitation centers for people struggling with crypto addiction check in to such as the latter appeal to high-end clientele, besides offering treatment for anxiety, depression, stress, eating, burnout, and post-traumatic stress disorders. These addiction clinics and rehabilitation centers also treat narcotics, alcohol, eating, gambling, and other behavioral disorders.
Another rehabilitation center called Paracelsus Recovery in Zürich, Switzerland offers treatment programs for crypto addiction ranging from four to six weeks, costing $104,000 per week. Prefer to seek treatment remotely at Paracelsus? Online therapy sessions will cost you $650 by the hour. Paracelsus offers a “full-spectrum” approach to treating addictions and nursing individuals back to mental health, with personalized diet plans, blood tests, acupuncture, yoga, meditation, and medication – as necessary.
However, a growing number of addiction and behavioral-abuse professionals remain unconvinced whether “crypto trading” as an addiction actually calls for such unconscionably-priced intervention.
After all, the treatment approach for crypto addiction is no different from any other behavioral addiction such as gambling.
Is crypto addiction real?
Crypto addiction is defined as the compulsive, pathological obsession to trade cryptocurrencies and virtual assets, as well as an uncontrollable urge to incessantly check price changes or hit Crypto Twitter to update oneself on the latest tips to make some kind of trade.
Biopsychosocial diseases like crypto addiction require biopsychosocial interventions. This can come in the form of individual and group counseling, making changes to lifestyle, habits, and environment, replacing activities linked to crypto addiction with healthier activities, or in some cases, going on medication.
Nevertheless, many addiction experts argue that the fees rehabilitation centers charge to treat this modern-day epidemic are unwarranted – they say that crypto addiction is no different from an addiction to gambling and should be handled exactly as such.
According to Rutgers University Center for Gambling Studies director Lia Nower, whether you’re addicted to crypto trading, sports betting, scratch cards, or bingo, the symptoms, and treatment approaches will mostly be the same. “They’re making money off desperate people,” adds Nower.
7 ways to avoid falling into crypto addiction
At its very root, an addiction to crypto is essentially an addiction to gambling. There are no two ways about it. And the first step for individuals who may be contemplating if their crypto trading is becoming problematic should step back, be honest with themselves, and take stock of their behavior and how it is impacting their mental, physical, and emotional well-being – and that of the people around them.
Here are some tips to help you avoid falling into the crypto trading addiction trap.
- Never invest in anything you don’t fully understand.
- Don’t trade or gamble money you can’t afford to lose, nor trade or gamble money that isn’t yours.
- Stick to a strategy and set hard limits for yourself that you won’t break.
- Stick to a trading schedule such that you trade only on certain times or days.
- Take regular mental health breaks where you just limit the amount of information. Mute those 50 news channels and leave just one or two. Take some time to breathe in and out.
- Pursue healthy outlets such as spending time with loved ones, taking up a hobby, exercising, stepping out of the house, or meditating.
- Be mindful of your mental health and the distress you might be causing to yourself and others around you. Seek professional help if you suspect something is amiss with your well-being.
The final word
Crypto addiction is like any other addiction – it can and will destroy your life if you don’t nip it in the bud. It’s even more addictive than straight gambling, because of its volatile, unstable nature and the fact that you can trade 24/7.
Here’s a word of advice for every crypto trader: stop perceiving crypto as a purely speculative trading instrument. Zoom out and take a look at the bigger picture and realize that the cryptocurrency industry is still maturing as it is and that the best – and only – plan is to stay calm and wisely think of the next steps. If you have a well-thought strategy you will not act impulsively and make mistakes.
Time is on your side – there’s no need for greed to cloud your vision. Leave the gambling to the weak ones.
And if you are struggling with crypto addiction (or know someone that does), please don’t wait until you or that person loses everything. Don’t let it get into a point where life is no longer worth living. Know that there is a solution out there, and that you can get help.
SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.