Cryptocurrency is growing to be a force to reckon with in mainstream finances. However, there are some who are taking it to a dangerous level mentally. Castle Craig, a rehab facility in Scotland has opened a cryptocurrency rehabilitation facility which treats people addicted to cryptocurrencies.
What does the rehabilitation facility do?
A staff member by the name of Chris Burn who is a therapist explains, “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. However, with behavioral addictions such as gambling, we also provide cognitive behavioral therapy (CBT). Daily programme includes group therapy, individual counseling, lectures and assignments, all within a therapeutic community.”
Cryptocurrency addicted traders are similar to gambling addicts. According to statistics gambling addiction leads to the highest number of suicides and thus cryptocurrency trading addiction needs to be controlled.
Castle Craig has a questionnaire to understand if the digital coin traders have become addicted to cryptocurrencies or are just in it in ‘normal’ levels.
The questionnaire includes questions on-
- Guilt in Investing in Cryptocurrency
- Going beyond Financial means to invest
- Repeated checking of cryptocurrency prices
- The height of fear of missing out also called FOMO in crypto slang.
- Not sleeping because of the 24 hours 7 days a week of crypto markets being open
- Losing leads to more money being invested to recoup the loss
- Satisfaction of gaining leads to higher needs of investments to achieve the same emotional feeling
- Continually borrowing a lot of money to trade in cryptocurrency
Excessive trading of cryptocurrency is the most likely situation to keep increasing a person’s addiction. Castle Craig is the first to start therapy for crypto addiction and create a trend amongst cryptocurrency therapists emerging as an essential occupation.
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