A recent data shed light on the fact that 4% of people around the world have invested in cryptocurrencies and 14% of Americans have placed their money on the blockchain technology.
Given that Dogecoin, Shiba Inu and SafeMoon added 78 million new and first-time investors into the crypto market by July 2021, a lot of millennials are falling prey to promises of ‘to the moon’ and losing their money and health in the process.
Crypto trading has also caused severe mental pressure on investors as the highs and lows are unbearable and millions of people hysterically check their respective coin prices more than 20 times an hour every single day of the month.
All of these cause a mental block and lead to addiction. A Scottish hospital has recognized that cryptocurrency addiction could turn serious if not treated on time and has offered help to those in need.
Castle Craig Hospital provides treatment for people addicted to trading cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin and every other crypto and treat it as a form of ”gambling addiction”.
Janice Dorn, who specialized in psychiatry and addiction medicine, wrote in The Fix that one out of 10 Americans are addicted to crypto trading.
”Sometimes they get lucky and win. Most of the time, they lose. Often, they lose big, but keep going because they are in a vicious downward cycle, doing what is called ‘revenge trading’ to try to recoup their losses. This is a recipe for complete disaster.”
Castle Craig Hospital is arguably the only hospital to recognize cryptocurrency addiction and stated that they use experienced therapists to diagnose the patient and provide questionnaires and therapeutic assessments to help them overcome the gambling addiction.
The hospital also reveled that a patient’s mental state is such that they constantly believe that a ”big win is about to happen” and endlessly obsess about turning their investment into millions of dollars, which only a few were lucky in reality.
Patients also endlessly read crypto news, videos and repeat the cycle everyday making their mind lose focus on the outside world and remain caged in their obsession.
Castle Craig Hospital revealed that it uses Cognitive Behavioural Therapy (CBT) to help patients overcome their addition and make them re-build their self-esteem and help them to recognize the ”consequences and denial” of their addiction.