Cryptocurrency Addiction Facility Releases Questionnaire
Castle Craig rehab facility in Scotland had made major headlines very recently for having opened a new rehab program to treat what therapists now have started to describe it as “cryptocurrency trading addiction.”
The clinic had recently held a Q&A to understand the nature of the addiction itself which has been reported to be somewhat similar to the online stock day-trading addiction.
The staff that spoke about their program had mentioned,
“Our core treatment programme is known as a twelve-step model (it follows the concepts for recovery, first formulated by Alcoholics Anonymous in the early 1940’s which have been hugely successful ever since). This is based on the idea of change based on self discovery where honesty and personal responsibility are key,” said therapist Chris Burn.
However, with behavioural addictions such as gambling, we also provide cognitive behavioural therapy (CBT). Daily programme includes group therapy, individual counselling, lectures and assignments, all within a therapeutic community.”
Castle Craig’s Rupert Murray Wolfe mentioned about the formation of the program what could be the typical signs of addiction.
“It all started earlier this year when we got phone enquiries from crypto-traders asking about addiction treatment. They informed us about this “new” addiction. Then we looked into it and found it was a gambling addiction with many similarities to day trading addiction.”
“We do see it getting worse and I think we’ve only just seen the start of it, the start of people facing up to perhaps being addicted to crypto trading. Denial is a huge part of any addiction.
“When it becomes an addiction the user will not only lose money but also lose control over their life; they will become obsessed and be unable to work, have normal relationships or do anything else without constantly checking prices and news.”
The questionnaire lists the following specific factors in identifying cryptocurrency trading addiction:
- Feeling guilt over cryptocurrency investments
- Investing more than one can afford
- Constantly checking crypto prices
- Experiencing fear of missing out (FOMO)
- Related health problems such as lack of sleep
- Receiving criticism over excessive trading from others
- Spending more money to recoup losses
- Constantly needing to invest higher amounts to receive the same feeling of satisfaction
- Borrowing money to trade
- Experiencing financial problems due to trading