Last updated on June 9th, 2018 at 12:43 pm
If you’re a bit like me and many other people that are invested in cryptocurrencies, you’ll probably recognize behaviour such as checking the $btc charts first thing in the morning. Although this may seem like it’s nothing to worry about, this behaviour can spiral out of control and can become a serious addiction, similar to a gambling addicting. That is, according to ‘Castle Craig’, the “first addiction treatment clinic to offer treatment for people who are addicted to the trading of cryptocurrencies like Bitcoin”.“Gambling is similar to cryptocurrency or day trading addiction” - Castle Craig HospitalClick To Tweet
Yep, there’s now a crypto-rehab. To find out if you’re actually addicted to trading cryptocurrencies, you can use the list on Castle Craig’s website. Some examples from their website:
- Do you feel compelled to check cryptocurrency prices all the time?
- Do you invest more on cryptocurrencies than you can afford?
- Have you ever wondered whether you have a problem with cryptocurrency trading
- Have you ever experienced the Fear of Missing Out (FOMO)?
- Have you ever felt guilty about trading in cryptocurrencies?
Castle Craig treats trading cryptocurrencies like gambling, and treatment of this addiction as well. Treatment includes the 12 steps program, cognitive behavioural therapy and trauma therapy to help you take care of your cryptocurrency trading addiction.
In their press release, Chris Burn, a gambling therapist at Castle Craig Hospital says, “the high risk, fluctuating cryptocurrency market appeals to the problem gambler. It provides excitement and an escape from reality. Bitcoin, for example, has been heavily traded and huge gains & losses were made. It’s a classic bubble situation.”
I have yet to see the first crypto-addict in my life, but I can imagine trading feels like gambling at times. Castle Craig and their new crypto-rehab program feels like a gimmick to gain some news coverage. That being said: If you are struggling with addiction in any form, please seek help.