• CryptocurrencyIt has had many different faces over the years, but it has only been recently linked to addiction
• Castle Craig, a residential rehab center, has been touted as the world’s first crypto addiction treatment center
• As many as 57,099 people have been surveyed in the past year. crypto adoption soaredThere has been an enviable tenfold increase in enquiries about cryptocurrency rehabilitation
• As one contributing factor to increasing addicts, volatility on the crypto markets has been identified.

Although cryptocurrency is being touted to be a number of things including the future in finance, it has never been linked with addiction. There has been an increase in the number of crypto-addicts, despite the hype surrounding the crypto’s rising value.

“Castle Craig Hospital provides treatment for people addicted to trading, spread betting, and the trading of cryptocurrencies such as Bitcoin, , , and .”
Castle Craig is a Peeblesshire private hospital that treats Bitcoin addicts. It claims the numbers have increased by over ten times since last year.

What is Crypto Addiction?

Castle Craig was originally established in 1988 to treat drug and alcohol addictions. However, it has since expanded to include other addictions such as crypto addiction.

The hospital, which touts itself as the world’s first crypto addiction treatment center, defines crypto addiction as the compulsive trading of cryptocurrencies and related activities with resulting negative consequences on a person’s life.

The hospital says that the addiction is similar to gambling addiction and is most common among young adults and teenagers. Crypto addiction can also disrupt and damage relationships as well as recreational activities.

What is the best way to get addicted to crypto?

Tony Marini (a Castle Craig-based therapist) said that he believes the Castle Craig team is highly competent.

“commonly, people start because they want to buy stuff off the dark web. And the only way to do that is with cryptocurrency.”
Marini says that crypto-addicts begin with trading occasionally, then they move on to frequent wins which feed their dopamine cravings. They dream of making millions. Most people never see their goals fulfilled.

As with gambling, cryptocurrency addicts seek to recover lost profits by trading more. Their losses pile up while they chase the one trade to cover their entire losses. They end up losing more money than they can afford, and they trade more often.

Crypto Addicts are on the Rise

With more people becoming interested in crypto assets, the industry is rapidly growing. Our August report showed that cryptocurrency adoption has increased by 880% over the past year. The lockdown isolation was a key factor in its adoption.

Aside from the fact that cryptocurrencies could be used to replace traditional finance, many investors support projects for the possibility of generating returns. Marini believes the volatility of cryptocurrency markets will make crypto addiction worse.

Bitcoin gained and lost more than 10% within a single trading day. Bitcoin even suffered a 30% loss during the May crash. These huge swings in the price of digital assets have led to some huge gains for traders.

These wins can fuel a dopamine craving, which in turn leads to addiction. Marini also explains how severe cases of crypto dependence can occur when it is interwoven into drug or alcohol addictions.

To The Flipside

• It is predicted that crypto will grow in popularity with major market holders.
• Bitcoins will soon be easier to access with the help of PayPal (NASDAQ), Visa (NYSE), and Mastercard(NYSE:), which are racing for full integration

What is possible?

As with other addictions and phobias, many crypto addicts don’t want to speak out about their situation. Marini claims that nine of fifty of his clients were referred to him initially because they had a drug or alcohol addiction. Their treatment revealed other addictions. The most common was crypto addiction.

Recognizing that an addict has an addiction is the first step to managing it. Many people prefer living in denial. Castle Craig created a questionnaire that can help you diagnose your crypto addiction. This questionnaire can be downloaded here.

It is important that patients receive treatment and refrain from trading crypto currencies after a diagnosis. This will help to prevent further losses or debts to fund their addiction.

What are the reasons to care?

You should never approach crypto trading as a quick way to make a lot of money. Additionally, governments could use the rising interest in cryptocurrency addiction as an example of caution when creating future crypto frameworks.

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