According to Bloomberg, a growing number of investors are struggling with a shambles in cryptocurrency day trading, causing them to seek out addiction treatment services in the form of weekly $90,000 clinic visits or telehealth rehabilitation services.
Crypto addicts may discover that their brain's reward system is similar to drugs or alcohol. The worst-affiliated may discover themselves compulsively trading crypto, concealing their behavior from their relatives, and depleting their savings while accumulating debt.
"Excessive crypto trading and high-risk stock trading might be forms of gambling and lead to gambling disorder," Lia Nower, the director of the Rutgers University Gambling Studies, told Bloomberg.
The natural volatility of the crypto industry as well as the dopamine effects of purchasing Dogecoin and engaging in high-wire financial risk-taking may electrify the neurons of our brain. But unlike a gambling addiction, crypto trading is often less stigmatized by society due to its association with investing.
Many have yet to see their entire savings gone.
It's quite similar to being on a roulette table, Dylan Kerr told Bloomberg. [Crypto-trading] is seemingly neverending, and it requires your attention.. If you take your eyes off the prize, you might miss out on massive opportunities and incur huge penalties.
Paracelsus Recovery, a $90,000-a-week clinic in Switzerland for treating crypto addiction, is focused on developing a holistic program that will assist patients recover. Patients receive three psychotherapists, acupuncturists, yoga trainers, and nutritionists. The clinic saw a 300% increase in interest about crypto addiction between 2018 and 2021.
The well-heeled addicts have access to a private suite of personal chefs and butlers, along with limousines powered by chauffeurs. The clinic also assists individuals in navigating addictions to porn, plastic surgery, work, or even exercise or shopping.
They are very intelligent people, but they stop thinking straight, said Thilo Beck, the head psychiatrist at Paracelsus Recovery. "They understand that the likelihood that they will win back is really small, but they still believe it, and the more they lose, the more they want to play or purchase.