As the crypto industry continues to grow and more and more new people are attracted to the world, the number of traders is also constantly growing. According to a report by Bloomberg Unfortunately, this also means that there are more and more people with a true addiction to it trade of cryptocurrencies and even end up in rehab.
A crypto addiction exists
Rehab centers where people can seek treatment for addictions such as alcohol and gambling have recently seen a surge in individuals seeking help curbing their urge to trade crypto.
This topic is discussed in detail in a podcast from Bloomberg† The podcast’s host, Stacy-Marie Ishmael, discussed with reporters Claire Ballentine and Charlie Wells whether crypto addiction was a real concern and whether the centers that treat this type of addiction were indeed legit.
The conclusion they draw is in fact that a crypto addiction absolutely exists and that the consequences of such an addiction can be disastrous. However, it is difficult to accurately define an addiction to trading cryptocurrencies. There are also many successful traders for whom it is actually their job. Are they also addicted and can that be called harmful?
In addition, a crypto addiction is not yet officially recognized. The DSM-5 manual, which describes practically every disorder, does not yet mention a crypto addiction. That is of course not very surprising, because the world of crypto has not yet come to see it.
Comparisons to a gambling addiction
The clinics where an addiction to acting cryptocurrencies already being treated indicate that the treatment is actually structured in the same way as for someone with a gambling addiction. Researchers have also stated that a crypto addiction has many similarities with a gambling addiction.
According to Ballentine, reasons that there has been a surge in the number of addicted crypto traders are due to the fact that the market is widely advertised and very easy to enter. In addition, the increase in crypto trading is said to be partially affected by boredom during the pandemic, creating a sense of excitement and community involvement.
