Obsession with crypto trading sparkes the launch of rehab program by Scottish rehab center

Image source: pixabay - freeGraphicToday

Treatment options are now available bitcoin addicts, as reported on Independent - Caitlin Morrison. Similar to online gambling, bitcoin trading gains the attention of traders with an obsession to follow minute-by-minute fluctuations of the coin prices.

Castle Craig Hospital in Scotland specializes in running rehabilitation programs for drug, alcohol and gambling addictions, are now offering help for bitcoin addicts after receiving requests to treat the rising problem.

Cryptocurrency users can get hooked by the volatile fluctuation of prices online which creates a ‘high’ when they buy or trade a winning currency, Castle Craig said in a statement. “This can be exciting but also addictive and, like gambling addiction, can be financially disastrous.”
Source: Independent - Caitlin Morrison

Image source: pixabay - andreas160578

Chris Burn, a gambling therapist at the hospital said that, "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 and losses were made. It's a classic bubble situation." (source: cointelegraph - Marie Huillet

Michael Parsons, a butcoin expert, told BBC Scotland's Stephen Jardine Programme:

"I think because Bitcoin entered the mainstream last year and it went up ten times in value, people have a fear of missing out and want to jump in. They are incorrectly looking at the historical rise of Bitcoin and think that will be repeated - which it may be or may not be - so they are buying purely on speculation and not on understanding."
Source: BBC

Bitcoin Emotional Roller Coaster

As Bitcoin enters mainstream, many have realized they have been losing out on the current trend. The sudden rush to buy Bitcoin without thinking and understanding cryptocurrencies fully may have dire consequences on not just gamblers, but the common folk that throw their life savings into the risky market.

It could be someone’s worse nightmare to have lost all their saving in a matter of days in the crypto market. Psychologists in Dubai have also highlighted the rising mental health issues linked to cryptocurrencies. Dr. Walid Abdul-Hamid, a consultant psychiatrist at The Priory, said that people who are facing psychological problems such as anxiety, depression and stress “will have great difficulty resisting or controlling their gambling behaviour despite the clear losses they have experienced” (source: The National - Nick Webster).

Trade wisely and consciously.

- tysler

Image source: pixabay - geralt