Bitcoin (BTC) Trading Addiction Can be Treated, Shows a Scottish Hospital
Bitcoin, the most famous cryptocurrency in the world, continues to attract international attention, becoming both a topic of discussion and a resource on which new projects are emerging.
A hospital based in Scottish Borders has decided to treat Bitcoin addicts or how they called them “cryptocurrency junkies“. Yes, you have heard correctly. Castle Craig Hospital, which started this project, announced the launch of a treatment against excessive trading dependence in order to protect the patients from the crypto sector if they want.
There is a high correlation between gambling and crypto trading addiction
Of course, excessive trading of cryptocurrencies can induce an abnormal behavior, that can lead to an addiction, according to experts. The concept of treatment is based on the techniques identified in the behavior of gambling addicts.
In the case of crypto traders, they can become addicted simply by pursuing non-stop the evolution of prices, as well as any modification that has appeared on the crypto market. Chris Burn, a specialist in treating addictive patients at Castle Craig, said there is a high correlation between gambling and crypto addiction.
“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.”
“Classic Bubble” versus “Volatility”
It seems the therapist has confused the notions of “classic bubble” with “volatility“. The first one represents the resulting difference after a transaction was made at a price that exceeds the intricate value of the good, while the second notion refers to the fact that prices are constantly changing.
One of the therapists who will have the role of treating addicted ones is Tony Marini, who in the past faced the same problem just as relating to gambling.
“Having been through it myself, my experience of addiction gives me insight and empathy towards others who have the same problem. I see cryptocurrency trading as a way for people to escape from themselves, into another world, because they don’t like the world they’re in. The first stage of treatment is to join other addicts in group therapy and share their life stories. This helps them identify with each other and realize that they’re not alone.”
However, it’s complicated to make a total calculation of people who trade cryptocurrencies in the world and how many of them may be called “addicts“. But what we can say is that this sector influences the behavior of those involved to a lesser or greater extent.