The cryptocurrency market is notorious for its volatility, and this reputation has sparked concerns about the mental health of traders and investors. Addiction to day trading, or pathological trading, is already well-known among stocks and commodities traders, leading to the establishment of rehab programs devoted to treating day-trading addiction. The crypto market, known for its potential to generate life-changing money for those smart or fortunate enough to catch it, is no exception, giving rise to numerous trading addicts.
Cryptocurrency trading addiction is defined as the persistent or recurrent pathological compulsion and obsession to invest in or trade cryptocurrencies despite negative consequences to personal and/or professional areas, such as financial loss, disruption to relationships, career problems, and mental health issues. Neurotransmitters play a crucial role in this addiction – when the price of cryptocurrency goes up and someone completes a successful trade, they receive a dopamine rush, bringing about feelings of pleasure.
Unlike stocks and other assets, the volatility of cryptocurrency, combined with the fact that it can be traded 24/7, results in excessive and regular boosts of dopamine, making it much more addictive. Over time, those who develop an addiction to cryptocurrency trading start to depend on it to experience excitement and pleasure. The downside is that other natural pleasures, like eating a great meal or watching a beautiful sunset, can become less stimulating and appealing.
Crypto addiction appears to be very similar to gambling addiction, with specialists treating it as such. The UK Health Security Agency (formally Public Health England) has estimated that around 2.2 million adults are problem gamblers or are at risk of addiction. With 33% of the country participating in the cryptocurrency market, this figure has the potential to rise. Since 2016, Castle Craig Rehab in Scotland has had over 200 clients with cryptocurrency trading addiction, and the facility’s senior specialist therapist, Tony Marini, believes the problem is much wider.
However, Aaron Sternlicht, co-founder of New York-based private practice Family Addiction Specialist, assures that most people can trade crypto without worrying about addiction. Factors that might make someone more susceptible to cryptocurrency trading addiction include frequent exposure to crypto, past experiences with problematic gambling, or a family history of addiction.
Treatment options, like those offered by Sternlicht, are tailored to meet the individual client’s needs through customized plans involving therapy, coaching, psychiatry, family/couples counseling, financial oversight, sleep-exercise-nutrition monitoring, and daily check-ins. On the other hand, Marini’s Castle Craig Rehab center treats cryptocurrency addiction as a form of gambling addiction, combining cognitive behavioral therapy with a 12-step approach in a six-week residential program that includes group therapy, equine therapy, art therapy, and holistic practices.
Ultimately, recovery is about finding oneself and understanding what addiction is and why it causes certain behaviors. In the ever-evolving world of cryptocurrencies, it is essential for traders and investors to practice self-awareness and maintain healthy boundaries in pursuit of financial success.
Source: Cointelegraph
